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The dire economic situation undergirds this point: Washington should delay immediate fiscal cuts.
What the country needs is help in growing its real economy, not more fiscal cuts.
With central banks treading tentatively at the zero lower bound, the multiplier on fiscal cuts was certain to be high.
Spain is the only biggish European economy planning fiscal cuts worth more than 1% of GDP this year.
This at a time when policymakers are pushing for bigger fiscal cuts across much of the continent.No need to repeat points previously made.
The fiscal cuts made by Italy and Spain to meet the criteria have probably been a lot more painful even than those made in Germany or France.
Similar(31)
Another is that his emphasis, more conservative on social policy than on fiscal policy, cuts somewhat against the mood of the Republican base right now.
Second, as fiscal austerity cuts into domestic demand, the only way to return to growth is to rely more on foreign demand to reduce the current account deficit.
The banks and cooperative societies, under pressure in an era of reform to show more fiscal responsibility, cut him off.
The Office for Budget Responsibility, the Government's fiscal watchdog, cut its forecasts for UK borrowing over the coming years largely on the back of lower interest payments.
Then it opted for fiscal austerity, cut labour costs and embraced structural reforms, turning it into an economic powerhouse.The gap between Germany and southern countries in the euro zone is indeed wide.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com