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"Politicians like to keep the fiscal levers in their hands come election time," he said.
Confronted by the lack of independent fiscal levers at the mayor's disposal, Mr Livingstone saw economic growth as a way of achieving redistribution by other means.
The ECB has been privately urging the creation of a fiscal authority that can, if necessary, grab the economic and fiscal levers of countries that are serial miscreants for the common good.
The worry is that Brazil ends up stuck in a place where both monetary and fiscal levers prove incapable of pulling the country out of the mess it is in.
Sturgeon told a BBC debate on Wednesday night: "I don't think it is any secret that I want Scotland to have as many powers over our own economy and our own fiscal levers as soon as possible.
Drawing upon the work of Martha Nussbaum and Amartya Sen and their capabilities approach – as well as a dash of Catholic social teaching – they seek to produce a list of the basic goods that are necessary conditions for this good life, and go on to sketch out a few of the fiscal levers that might be used as a means to this end.
Similar(50)
That is why the Fed's measured pace of interest-rate cuts is prudent.If America's economy falls into a long slump, then of course politicians should grasp the fiscal lever.
A cut in capital gains tax is the government's most effective fiscal lever to promote entrepreneurship.
The best fiscal lever to pump growth is a combined federal tax burden income, capital gains, dividends, corporate, estate, etc. that doesn't exceed 20% of America's GDP.
Unlike previous pre-election periods, he has not felt obliged to pull fiscal or monetary levers to pump the economy.
Part of the case rests on the idea that the economywide levers of fiscal and monetary policy are worn out.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com