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Euro area fiscal stance

Bańkowski,Krzysztof, Ferdinandusse, Marien, (2017), «Euro area fiscal stance», ECB Occasional Paper Series No 182, Ιανουάριος

This paper analyses the appropriateness of the euro area fiscal stance. In this context, the paper presents the relevant definitions and how the euro area fiscal stance has evolved over time. Furthermore, it contains an evaluation of the appropriateness of the euro area aggregated fiscal stance set out in the European Commission’s Spring 2016 European Economic Forecast, concluding that, while it is broadly appropriate from the stabilisation perspective, it deviates slightly from the sustainability objective. Finally, the paper investigates the impact of a fiscal stimulus in Germany on the main euro area macroeconomic variables under an adverse risk scenario.

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