VoxEU / Jacob Funk Kirkegaard : Europe’s new fiscal compact treaty does not outlaw Keynesianism and is a stepping stone to more progress

[arthur garbayo]

Europe’s new fiscal compact treaty does not outlaw Keynesianism and is a stepping stone to more progress

Jacob Funk Kirkegaard 6 February 2012

Europe’s new fiscal compact is seen by some as the death of Keynesian government spending. This column argues that such analysis is simply wrong. It says that there is still room for government spending in extreme situations, but that there are now more safeguards to maintain stability, reduce contagion, and placate German taxpayers. Jacob Funk Kirkegaard Research Fellow, Peterson Institute for International Economics http://www.voxeu.org/index.php?q=node/7600

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