First published on
26 September 2015
Discussion Paper 10

The Legacy Debt and the Joint Path of Public Deficit and Debt in the Euro Area


The joint dynamics of public debt and public deficit levels in the euro area between 1981 and 2013 are examined by Alberto Caruso (Université Libre de Bruxelles), Lucrezia Reichlin (London Business School and CEPR) and Giovanni Ricco (University of Warwick) who also compute projections up until 2020. This Discussion Paper was prepared under DG ECFIN’s 2014-2015 Fellowship Initiative “Growth, integration and structural convergence revisited”.


Alberto Caruso, Université Libre de Bruxelles, Lucrezia Reichlin, London Business School and CEPR, Giovanni Ricco, University of Warwick

Information and identifiers

(Discussion Papers 10. September 2015. Brussels. PDF. 32pp. Tab. Graph. Ann. Bibliogr. Free.)

KC-BD-15-010-EN-N (online)
ISBN 978-92-79-48676-0 (online)
ISSN 2443-8022 (online)
doi: 10.2765/68440 (online)

JEL classification: H63, E21


Discussion Papers are written by the staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and to seek comments and suggestions for further analysis. The views expressed are the author’s alone and do not necessarily correspond to those of the European Commission.


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