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Excerpt from Vox -- "Asia’s recovery following its financial crisis was more rapid and robust than Europe’s, and the decision by policymakers in the two regions to adopt very different fiscal strategies provides a leading explanation for why this was the case. Although the impact on growth and employment of Europe’s pivot to austerity could have been exacerbated by the absence of other policy levers such as exchange rate flexibility and monetary policy independence, the data seem to corroborate the wisdom of countercyclical fiscal policy."

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