{"id":5171,"date":"2013-02-28T09:57:52","date_gmt":"2013-02-28T07:57:52","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=5171"},"modified":"2013-03-02T15:29:06","modified_gmt":"2013-03-02T13:29:06","slug":"austerity-needed-to-start-now-we-need-a-fiscal-union","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/austerity-needed-to-start-now-we-need-a-fiscal-union\/","title":{"rendered":"Austerity needed to start, now we need a fiscal union"},"content":{"rendered":"<p>Wolff, Guntram.<\/p>\n<p>The main driver of public debt increases in the last 4 years has been high public deficits, not austerity. Budget consolidation is necessary to avoid excessive increases in debt levels. The central question is about the best moment to pursue the adjustment. I provide a simple scenario analysis, which suggests that fiscal adjustment should be gradual in order to balance risks. Arguably, adjustment has been gradual in some though not all countries considered.\u00a0 The simulations suggest that significant recessions are still ahead of us. This calls for a Marshall plan for Southern Europe and a more forceful use of restructuring and resolution tools. Contracts could be a good way of providing fiscal support in exchange for reforms.<\/p>\n<p>\u03a0\u03b7\u03b3\u03ae: Bruegel<\/p>\n<p><a href=\"http:\/\/www.bruegel.org\/nc\/blog\/detail\/article\/1027-austerity-needed-to-start-now-we-need-a-fiscal-union\/\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wolff, Guntram. The main driver of public debt increases in the last 4 years has been high public deficits, not austerity. Budget consolidation is necessary to avoid excessive increases in debt levels. The central question is about the best moment to pursue the adjustment. I provide a simple scenario analysis, which suggests that fiscal adjustment [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,37,4],"tags":[26,28],"class_list":["post-5171","post","type-post","status-publish","format-standard","hentry","category-18","category-37","category-proposals","tag-26","tag-28"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/5171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=5171"}],"version-history":[{"count":3,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/5171\/revisions"}],"predecessor-version":[{"id":5173,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/5171\/revisions\/5173"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=5171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=5171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=5171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}