The Euro and Fiscal Policy
---- Acknowledgements -----
We are indebted to Alberto Alesina and Francesco Giavazzi for very useful comments on earlier drafts of the paper, as well as to Roberto Perotti (our discussant). We are also grateful to the participants at the NBER Conference on "Europe and the Euro" in Milan, October 17-18, 2008, for their feedback on the paper. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.