Britain's reliance on a property tax alone as a source of local revenue has plunged fiscal policy into turmoil for a quarter of a century.
SYDNEY — Prime Minister Julia Gillard of Australia announced Thursday that she was abandoning her government's controversial plans to ship asylum seekers to Malaysia as part of a refugee swap deal — a humiliating about-face for the beleaguered leader that leaves her immigration policy in turmoil.
If others won't frack, they will probably buy Polish gas.European energy policy is in turmoil.
The United States' domestic fiscal and financial problems have thus become the overriding topic of conversation at the major meetings, with foreign policy makers fearing turmoil if Washington does not get its act together — and quickly.
But with radical Islamists controlling territory along the Turkish border, and the United States working with the Assad government to rid it of chemical weapons, his policy is in turmoil and his country without a viable ally in Syria.
And economists said it could be harder to stop a decline in the dollar than to start one, meaning that abandoning or modifying current policy could risk turmoil in the financial markets.
At the same time, recent comments by Mr. Bernanke looking ahead to a time when the Fed will begin tightening its monetary policy have caused turmoil in global financial markets and probably put pressure on the European Central Bank and the Bank of England to clarify their own intentions.
"The central bank is facing difficult months ahead, where it will have to steer policy through financial turmoil, very weak growth in the euro zone and deflation in some countries," said Marie Diron, a former economist at the central bank who provides forecast advice to the consulting firm Ernst & Young.
"The central bank is facing difficult months ahead, where it will have to steer policy through financial turmoil, very weak growth in the euro zone and deflation in some countries," said Marie Diron, a former E.C.B. economist who provides forecast advice to the consulting firm Ernst & Young.
But he later added, "It would be unfortunate if, as a result of this turmoil, policy makers in China mistakenly abandon their pursuit of financial sector innovation and liberalization that has been so important to supporting China's growth in productivity and macroeconomic stability".
