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The Legacy of Austerity in the Eurozone. CEPS Commentary, 4 October 2013

De Grauwe, Paul. and Ji, Yuemei (2013) The Legacy of Austerity in the Eurozone. CEPS Commentary, 4 October 2013. [Policy Paper]

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    Abstract

    The recent slight improvement in the GDP growth rates in the eurozone has led European policy-makers to proclaim victory and assert that the austerity programmes imposed within the eurozone are paying off. But is this really the case? In this Commentary Paul De Grauwe and Yuemei Ji argue that the improvement in the eurozone business cycle is the result of the ECB’s announcement of its Outright Monetary Transaction (OMT) programme, and that austerity has left a legacy of unsustainable debt that will test the political resilience of the debtor countries.

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    Item Type: Policy Paper
    Uncontrolled Keywords: Outright Monetary Transaction (OMT) programme.
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 08 Oct 2013 13:58
    Number of Pages: 6
    Last Modified: 08 Oct 2013 13:58
    URI: http://aei.pitt.edu/id/eprint/44651

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