Europe's current economic situation the macroeconomic context which is summarized by the output gap. The effects of budgetary shocks on GDP is larger and has more lasting effects when the slack is bigger. In order to measure the macroeconomic impact of fiscal policy, using the most recent theoretical advances, we should take into account: (i) the instruments used by governments and (ii) the cyclical position that determines the multi­ pliers associated with each instrument. We disentangle the macro fiscal impulse among 3 instruments: primary expenses excluding public investment, public investment and taxes. The two later cumulate a short term impact on demand and a long term supply impact (through incentives to work, to invest or through a productivity channel for public capital). The multiplier associated with primary expenditures is in general superior to 1 at the short term and converges to O at a pace dependent of the macroeconomic slack. A tax cut has a lower impact on demand than primary expense on the short run but has a long term impact on the supply side. Finally, public investment has a direct and big impact on demand at the short run and also improves GDP in the long term as public and private capital are complementary. The impact of fiscal policy on GDP is computed using the following formula: 10 GDP Impactt = L L mi,t-k(OGt) x Fh;t-kiEg,t,i k=O Where i represents the policy instrument, mi,t-k (OGt) the multiplier (dependent on the output gap of time t) associated with the fiscal impulse realized in t- k with the instrument i. Using the decomposition of fiscal policy and the timing of the implementation of the different instruments, we find that fiscal policy supports growth by 0.4 point in 2017. Between 2015 and 2017, the impact of fiscal policy on growth is higher than the fiscal impulse (Figure 2). This can be explained by the delayed impact of past tax cuts in several countries, but also with the fading of the impact of past consolidation on output. This suggests that the dynamic of multipliers4 has been supporting growth during this period. This is particularly true in Spain, France, Ireland and Belgium. In 2018 and 2019, the contribution of fiscal policy to growth will be more in line with the contempo­ raneous fiscal impulse. This can be explained by the closure of the output gaps, leading to lower multipliers that decrease faster, and with the lower magnitude of fiscal impulses implemented recently. The contribution of fiscal policy to growth is expected to 0.2 point 2018 and 0.0 point in 2019. 4. i.e. the drop of multipliers associated with past consolidation and the rise of multipliers of past tax cuts.