Blanchard and Leigh (2013) examine the large but varied fiscal adjustments undertaken by EU members in response to the Euro crisis of 2009–2010. They regress the fiscal adjustments against the predicted pace of output growth in the next two years (2011 and 2012). They find a systematic (and negative) relationship between the fiscal adjustments and the forecast error of subsequent output growth, suggesting that fiscal multipliers are substantially larger than forecasters assumed a priori. They interpret their results as indicating an overall fiscal multiplier of . They also find that spending adjustments matter more than revenue adjustments in restraining output growth.