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It means, as Cowen noted, that the country has no credible, long-term fiscal option before it now.
"Now that the fiscal option has been used without much success it will be down to the European Central Bank to come to the rescue of the euro," BNP said.
So Cameron and George Osborne must have been feeling a bit lonely, though they have kept their nerve amid scorn (over-confident scorn in my view) from Labour ministers about their dismissal of the fiscal option in favour of monetary levers.
Still giving Italy a bad name The rights of terrorists Restoring the fiscal option Reprints Related items Enron: The twister hitsJan 17th 2002 The politics of Enron: Four committees in search of a scandalJan 17th 2002Who guards the guardians?Yet there is one big issue that should now attract more attention: the governance of the public capital markets, and especially the role played by auditors.
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We may be left with no good fiscal options.
Once you do, you can get a sense for our country's fiscal options.
Some critics worry that accepting the euro could further crimp growth, by limiting Poland's fiscal options and preventing it from devaluing the currency to help industry.
When standard monetary-policy responses reach their limit, fiscal options, such as cutting taxes and increasing public spending, come into play.To some extent, government budgets in rich countries stabilise the economy automatically in booms and busts.
Balls has tried to keep his fiscal options open, partly because of the uncertain health of the world economy and partly to stave off Tory attacks on his borrowing plans.
"We plan to make a more detailed assessment of emerging evidence around the effectiveness or otherwise of fiscal options to support sugar reduction and dietary health," said the report.
But the Administration's tax and fiscal options, contained in a report this week on energy security, would cost the U.S. Treasury upwards of $2 billion in lost tax revenues and require tinkering with the tax reform law enacted last year.
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