Introduction

Abstract

The financial, economic and fiscal crises — the “Great Recession” — that rocked many countries in the years after 2007 have continued to influence the economic developments of several countries, especially but not only in Europe, and, within Europe, in the euro area. In some of their aspects, the crises have generated interesting and at times unexpected reactions on the part of both economists and policymakers. These unexpected reactions could be interpreted as reflecting intellectual flexibility on the part of some, opportunism on the part of others, and perhaps also continued optimism on the part of others still, with regard to the impact that particular policies can have on economies.