Crisis management fiscal policy action of member states

Although the recession originates in the U.S., it has spread rapidly in the EU and led to financial turmoil. Crisis symptoms are obvious and they remind us og the economic disaster that shattered the world about 80 years ago: the world trade collapsed, the capital vanished away, the banking system failed. Under the circumstances, the Member States are forced to adopt a series of fiscal policy action to avoid, if possible, facing a prolonged period of low or zero growth. Measures vary considerably between Member States, depending on the impact that the recession had on each of them.economic crisis, fiscal policy, VAT, corporate income tax, personal income tax