Fin paper assesses eurozone’s fiscal planning

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A discussion paper, published by the Bank of Finland on November 21, praises the "quite responsible" fiscal planning of countries in the periphery of the euro area in the run-up to the eurozone crisis.

The author, Maritta Paloviita, distinguishes between ex ante fiscal plans for each budgetary year and policy changes within the course of that year. At the dawn of the crisis, periphery countries had adjusted their policies already in the budgetary planning stage, while others were mainly reactive

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