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"If we take sensible actions that involve more fiscal, more monetary stimulus, we can start growing again, we can bring that unemployment rate down to much more normal levels," Ms. Romer said in the same forum as Mr. Stiglitz.
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Both types of measures are indeed present in the fiscal programmes more and more countries are putting in place.
Closer fiscal coordination, more discipline and more transparent accounting are essential to preserving the euro.
Several countries, such as Australia and New Zealand, have pioneered reforms to make fiscal policy more transparent and accountable.
"We need not just a currency union; we also need a so-called fiscal union, more common budget policies.
But Republican leaders also suggested that Mr. Paterson had talked about fiscal restraint more than he had delivered on it.
They will also struggle, probably in vain, to make the much-abused ceilings on euro members' fiscal deficits more enforceable.
On trading, Hughes added: Earnings risks are rising, with the new government possibly tightening fiscal policy more rapidly than expected.
That requires a proper fiscal union, more write-offs for heavily indebted countries, and a proper growth strategy involving monetary and fiscal stimulus.
AFSCME started talking about the need for state and local fiscal relief more than a year ago.
Piketty: I am advocating all the things she opposes in Europe: a closer political and fiscal union, more cooperation, etc.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com