The woes of Spain and Ireland demonstrate that balanced budgets and low debt in good times offer no protection against crisis, so European leaders make tougher fiscal rules the core of their agenda.
Gary Jenkins, head of fixed income at Evolution Securities, said: "The European sovereign debt crisis is likely to remain a feature of markets for some time, but if we see a sharp slowdown in economic activity it could threaten fiscal consolidation in core countries such as France and exacerbate the crisis".
CHICAGO — President Obama, having drawn battle lines with Republicans over how to cut the deficit, returned to his political home here Thursday for a fund-raising visit, bringing the message of fiscal responsibility and core Democratic values he laid out in a speech a day earlier.
So he began hosting occasional off-the-record lunches where you might have seen libertarians from the Cato Institute, advocates of judicial restraint from the Federalist Society, social conservatives from the Family Research Council, and hard-core fiscal conservatives like Norquist.
Beyond the most hard-core fiscal policy wonks, however, it's difficult to imagine anyone outside the Beltway being interested in this volume's granular telling and retelling of these matters, its almost blow-by-blow chronicle of the maneuvering, haggling, grandstanding and ideological positioning that have taken root on both sides of the aisle.
Despite his admission that Congress would foot the bill for the wall upfront, Ryan insisted that Republicans are still fiscal conservatives at their core and would "find the fiscal space" to pay for projects like the wall in their spring budget. .
Second, aggressive monetary and fiscal expansion in the core, to ease the process of internal adjustment.
Look at Delong/Summers on fiscal policy: the analytical core is, yes, the IS-LM model.
Now, as Europe's fiscal troubles spread to core trading partners like France, there are renewed fears of contagion.
