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Mr Osborne made his big fiscal decision in 2010, when he announced a rapid timetable for eliminating Britain's large structural deficit.
Second, the creation of a public-expenditure committee, or "star chamber", like the one used in Canada during its big fiscal adjustment in the 1990s.
America's big fiscal improvement in the 1990s owed a great deal to politicians' fear of the bond-market vigilantes.These days, although Washington's politicians talk a lot about fiscal discipline, they do little about it.
And recall that even with a common fiscal policy, Congress took until March 2009 to enact big fiscal stimulus, too late to curtail the U.S. recession that ended just three months later.
True, other European economies may contract more than the 4% decline the IMF forecasts for Spain this year (for that Mr Zapatero and his government's big fiscal stimulus deserve some credit).
Credit Suisse, an investment bank, forecasts GDP growth of 5.3% this year and 8.5% next.Like other governments, Vietnam's served up a big fiscal stimulus to stave off job losses.
America's economy can ill afford a big fiscal blow.
For the IMF finds itself in a big fiscal hole.
That's a big fiscal adjustment, to be sure.
"States Are Facing Big Fiscal Crises, Governors Report".
What's the next big fiscal issue you think we'll face?
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