Abstract
Since the onset of the sovereign debt crisis, the crisis-stricken countries in Europe have been pushed to take drastic steps to consolidate their finances and reduce their budget deficits. Despite strong public opposition and largely damaging short-run effects, the countries have undertaken many of the internationally recommended/mandated reforms and spending cuts. In this Forum, authors from Greece, Ireland, Italy, Spain and Portugal report on the fiscal consolidation achieved in their respective countries — and the sacrifices that have made it possible. Furthermore, the authors detail what remains to be done to resolve the crisis.
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The views expressed are those of the authors and do not reflect the official position of the Italian Senate or the Ministry of Economy and Finance.
I would like to thank Francisco Louçã, Viriato Soromenho-Marques and the journal editors for helpful comments and suggestions.
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Monastiriotis, V., Hardiman, N., Regan, A. et al. Austerity measures in crisis countries — results and impact on mid-term development. Intereconomics 48, 4–32 (2013). https://doi.org/10.1007/s10272-013-0441-3
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DOI: https://doi.org/10.1007/s10272-013-0441-3