Transatlantic Relations in an Age of Fiscal Austerity

Issue Brief 40

Prior to the economic and financial crisis that began in 2008, the fiscal challenges of both Europe and the U.S. largely were viewed as longer-term issues, associated with gradually rising public expenditures in the face of aging populations (the main issue for Europe) and soaring health care costs … As a consequence, the focus on both sides of the Atlantic has shifted toward fiscal consolidation—both in the near term as well as the longer term.

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