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And it has postponed some elements of fiscal reform, especially at the provincial level.
But it needs to consider elements of fiscal federalism to deal with its biggest weaknesses.
"Elements of fiscal reform would be positive for growth over two to three years, especially if you could match it with tax cuts".
An administration willing to comply with fiscal rules could not guarantee that future governments would do the same.Even so, some elements of fiscal policy could be hived off to technocrats.
Automatic stabilizers are usually defined as those elements of fiscal policy which reduce tax burdens and increase public spending without discretionary government action.
The problem is the Republican establishment used the most extreme elements of fiscal conservatives, small government conservatives, Evangelicals, Libertarians and outright bigots to win -- to take power.
Similar(52)
A third element of fiscal union is needed to bind not just the euro area but the EU's entire single market: a shared fund for cross-border bank bail-outs.
The decentralisation of budget management is another element of fiscal reform.
The element of fiscal reform that emphasises outputs and outcomes of government services informs the development of performance management.
Mr. Bernanke said he did not want to judge specific elements of any fiscal plan.
We cannot resort to such ham-handed mechanisms as the approaching sequester cuts, large across-the-board tax increases and other elements of the "fiscal cliff".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com