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Stability together with a new and centralized mode of fiscal accountancy was achieved by Thierry of Alsace (1128 68) and his son Philip (1163 91).
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The US, whilst in recovery mode, faces the prospect of a dose of fiscal austerity on March 1 which could shave 0.5% of GDP this year.
Second, the effects of fiscal policy can be tested in an unprecedented manner.
Macroeconomic Effects of Fiscal Consolidation".
The costs of fiscal laxity were low.
It was a season of fiscal perestroika.
But the flip side of fiscal stimulus is fiscal tightening.
So we are exiting a period of fiscal stimulus and entering a period of fiscal consolidation.
financing in the form of fiscal coordination, euro bonds and fiscal transfers.
Both are in deep fiscal trouble, both have a history of fiscal irresponsibility.
A sensible fiscal regime would allow scope for additional, discretionary loosening of fiscal policy.
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