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Talking in exasperated tones about the importance of fiscal responsibility is easy.
He also spoke about the importance of fiscal union underpinning successful currency unions, pointing to the eurozone crisis.
For example, he said, the importance of fiscal responsibility and balanced budgets has become increasingly apparent over the years.
And Peter Kenen's addition, which stressed the importance of fiscal integration, made the case against the euro even stronger.
Germany does not comprehend the "importance of fiscal mobilisation" (ie, it is not spending enough), complained Japan's prime minister, Taro Aso, before a crisis summit in April.
U.S.-based economists had long emphasized the importance of certain preconditions for currency union — most famously, Robert Mundell of Columbia stressed the importance of labor mobility, while Peter Kenen, my colleague at Princeton, emphasized the importance of fiscal integration.
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When I think about all of that, I can see the importance of Christmas.
"The contrast between the importance of this year and our election is just stark," he said.
He was due to host a Google hangout about the importance of Easter.
Bill Dudley, chief United States economist at Goldman Sachs, played down the importance of today's shift.
The economic strains add another level to the importance of Christmas.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com