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That means the fiscal actions around the globe didn't end the credit crisis.
Second, they argued that fiscal actions should take the form of tax cuts rather than temporary spending.
Several countries have taken restrictive fiscal actions to overcome balance-of-payments crises, including France and Finland on various occasions.
"Should economic conditions deteriorate significantly further, those countries with sufficient fiscal space stand ready to coordinate and implement discretionary fiscal actions to support domestic demand," the statement said.
Countries that stayed on the gold standard couldn't take any monetary or fiscal actions to reflate, so they turned to tariffs and import controls.
In particular, "the easy money which flowed into their economies...made it easier to forget about the necessary reforms, the necessary fiscal actions that had to be taken".
Similar(37)
They leave such fiscal action to the legislative branch.
The analysis of the consequences of government fiscal action is somewhat more complicated.
As bond investors become more impatient, some European countries have taken aggressive fiscal action.
Essentially, he argued that high levels of unemployment might persist indefinitely unless governments took monetary and fiscal action.
At that time he believed that fiscal action was likely to be more effective than monetary measures.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com