Faculteit Economie En Bedrijfskunde Hoveniersberg 24 B-9000 Gent Fiscal Adjustments and Their Effects during the Transition to the Emu

The transition phase to EMU has been accompanied by considerable monetary and fiscal consolidation efforts in the EU. This paper analyses this consolidation process and its effects on economic activity in the EU. It is tested to what extent fiscal retrenchment efforts have depressed or stimulated private spending. In the case of the latter non-Keynesian effects dominate the traditional Keynesian expenditure effects of government spending, taxation and transfer payments.

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