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But that is unlikely to happen without the sort of fiscal incentives proposed by Lord Rogers.
It's the sort of fiscal double-talk that has been a Bush administration hallmark.
The European Stability and Growth Pact and the Maastricht Treaty were designed to prevent the sort of fiscal crisis that the eurozone is currently experiencing.
President Obama/McCain will face a similar tension — how many failing mortgage holders to resuscitate, how much and what sort of fiscal stimulus?
The overall fiscal tightening in 2011, including actions announced earlier, will be an eye-watering 4.3% of GDP, estimates Julian Callow, at Barclays Capital.It is hard for economies to prosper under this sort of fiscal squeeze.
Mr. Harper of Canada on Friday praised Mr. Cameron for his austerity initiative, saying it was the sort of fiscal constraint the rest of the G-20 nations should adopt.
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If there is one thing I have learned, it is that when any sort of fiscal-emotional fog descends, you may be your own worst enemy.
As a result, they are less prone to engage in the sort of reckless fiscal behaviour that necessitates a bail-out.Meanwhile, the country of issue collects seigniorage on its notes circulating abroad.
In short, they sell Mr Ryan as a sort of compassionate fiscal conservative.Mr Ryan is a policy wonk and old Washington hand, even if he claims to be an outsider, sleeping on a camp bed in his Capitol Hill office.
"In terms of sort of bringing fiscal responsibility to Washington and changing the way the place works, you couldn't have picked a more challenging area than the defense budget," said Rob Nabors, the deputy director of the White House's Office of Management and Budget.
(He has also proposed using the money that is to be raised this way — some four billion dollars — to pay routine operating expenses, just the sort of move, fiscal monitors have pointed out, that brought New York City to the edge of bankruptcy in 1975).
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