volume 100, issue 7, P538-544 2020
DOI: 10.1007/s10273-020-2701-8
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Abstract: The reference values for public defi cits and debt came into the Maastricht Treaty more or less by coincidence. Later attempts to justify them in terms of economic theory failed. The values narrow fi scal space for member states with high debt and tend to create debt levels that are too low in the others, thereby polarising the 19 member states in two groups. Fiscal policy can hardly support monetary policy, which is stuck at the zero lower bound. This serves as an inherent contractionary bias for fi scal poli…

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