The share of the total primary public expenditure accounted for by public investment also fell from 7.6% in 2007 to 5.8% in 2015. [9]  Recent empirical research shows that an accommodative monetary policy stance strengthens the positive effects of structural reforms and increased investment in public spending. See Bordon, A.R., Ebeke, C. and K. Shirono, “When Do Structural Reforms Work?
On the Role of the Business Cycle and Macroeconomic Policies”, IMF Working Paper, No. 16/62, March 2016, and “Public investment in Europe”, ECB Economic Bulletin, Issue 2, 2016, forthcoming. [10] Funke, M., M. Schularick and C. Trebesch (2015) “Going to extremes: Politics after financial crises, 1870–2014”,  CEPR, Discussion Paper No. 10884.