Back to the Future: Lessons from the 2009–2012 austerity policies for the aftermath of the <scp>COVID</scp> crisis

This paper studies the relationship between austerity intensity and adjustment processes in Eurozone period 2000–2021. We empirically analyse fiscal consolidation its impact on a set of internal expansionary indicators. also evaluate those indicators with GDP growth using quantile regressions. Results show that programmes had negative both short-run long-run. Expansionary play more relevant role determining short-term than adjustment. effect is intense slow-growing countries since take time to operate.