{"id":115360,"date":"2024-01-22T19:21:47","date_gmt":"2024-01-22T18:21:47","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/115360\/"},"modified":"2025-10-22T21:48:38","modified_gmt":"2025-10-22T19:48:38","slug":"turning-the-page-eu-fiscal-consolidation-in-the-wake-of-the-crisis","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/115360\/","title":{"rendered":"Turning the Page? EU Fiscal Consolidation in the Wake of the Crisis"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-115360","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The fiscal cost of the financial and economic crisis in Europe is huge. The paper provides provisional estimates of this cost and looks at its implications for the sustainability of public finances, taking into account also the impact of aging populations. The historical experience suggests that economic growth is persistently lowered in the aftermath of financial crisis, making fiscal consolidation more difficult yet all the more essential. Meanwhile the timing of the exit from fiscal stimulus and subsequent fiscal consolidation must reconcile sustainability and stabilisation goals \u2013 a delicate balancing act. The paper will argue in favour of structural reform to boost the economic growth potential alongside fiscal consolidation. The fiscal coordination framework in the EU, together with the Europe 2020 strategy, is seen to underpin this approach.","onlinedate":"2011-02-01 01:00:00","lang":"English","publication_series":"","publication_date":"20110201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"European Union\",\"Fiscal policy\",\"Structural reforms\"]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"38","monthly_report_pages":"19-51","monthly_report_pages_sort":"19","issue":"1","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[14845],"persons_data":"[{\"personId\":14845,\"personName\":\"Paul van den Noord\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Turning the Page? 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