Energy, Climate Change and Environment

Energy, Climate Change & Environment

Both the threat posed by global warming and Russia’s aggression on the EU’s doorstep have placed energy security and energy use top of the agenda—without taking the eyes out of the ball regarding environmental preservation. This overarching topic covers the challenges posed by securing energy supplies, lowering greenhouse gas emissions, boosting the transition to renewable and sustainable energy sources, and devising mitigation and adaptation strategies to cope with climate change.

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Cover of EconPol Policy Report 35

Planned Fiscal Consolidation and Under-Estimated Multipliers: Revisiting the Evidence and Relevance for the Euro Area

Daniel Gros, Alessandro Liscai and Farzaneh Shamsfakhr

The Great Financial Crisis caused a deep recession and led to very large public deficits. When financial market tensions erupted, many European countries were forced to reduce their deficits. This ‘austerity’ is often credited with the disappointingly slow recovery during the years after the financial crisis. One reason for such a slow recovery could have been that the impact of a reduction in the fiscal deficits is larger than anticipated during a recession, especially if it is accompanied by financial market tensions. At the height of the financial crisis and in its immediate aftermath, this might not have been properly taken into account.

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