期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：In mid-September 2008, a global fi nancial crisis erupted which was followed by the most serious worldwide economic recession for decades. As in many other regions of the world, governments in the euro area stepped in with a wide range of emergency measures to stabilise the fi nancial sector and to cushion the negative consequences for their economies. This paper examines how and to what extent these crisis-related interventions, as well as the fall-out from the recession, have had an impact on fi scal positions and endangered the longerterm sustainability of public fi nances in the euro area and its member countries. The paper also discusses the appropriate design of fi scal exit and consolidation strategies in the context of the Stability and Growth Pact to ensure a rapid return to sound and sustainable budget positions. Finally, it reviews some early lessons from the crisis for the future conduct of fi scal policies in the euro area.
关键词：fi scal policies; fi nancial crisis;fi scal stimulus; fi nancial markets; sustainability;Stability and Growth Pact.
