Monetary and fiscal policies in the euro area: independent but nevertheless connected
探讨2007年金融危机后欧元区货币与财政政策之间出现的复杂互动，帮助理解两大政策领域的关联。
Before the onset of the financial and economic crisis in 2007, one seemed to know a good recipe for effective macroeconomic stabilisation. In a nutshell, an independent central bank with its interest rate instrument guarantees price stability and the fiscal authority, in order not to interfere, ensures that public finances are healthy. The crisis, however, challenged the standard policy framework, as the latter did not foresee the many interactions between monetary and fiscal policy that emerged during the crisis. This article discusses some of these interactions in the euro area and thus promotes better insight into the complex links between the two policy domains.