A working paper published by the European Commission estimated that collective fiscal consolidation led to cumulative deviations from the baseline growth in 2011-2013 from 8% in Germany to 18% in Greece. [16] Another paper finds a loss deviation from baseline between 14% to 20%, for the euro area GDP during the same period.
[17]  4  BIS central bankers’ speeches  Monetary policy continued to help the situation when, at the end of 2011, the ECB introduced two three-year longer-term refinancing operations implemented in December 2011 and February 2012 amounting to EUR 1 trillion. This measure and the correction of the two rate hikes contributed to attenuate the severity of the 2012 recession.