Exact(16)
Bernanke trod a careful course on the fiscal cliff (sensibly!), pointing out that the US urgentlyy needs" a long-term path towards a more stable fiscal policy.
"Constant changes to tax policies are difficult to incorporate into a stable fiscal policy," Mr. Franks said.
The country has been faring much better, he said, since it put in place the North American Free Trade Agreement, instituted a floating exchange rate and developed stable fiscal policies.
Basically, the numbers refuse to cooperate: Interest rates remain stubbornly low, deficits are declining and even 10-year budget projections basically show a stable fiscal outlook rather than exploding debt.
For starters, we need to be aware that we don't need a balanced budget to have a stable fiscal situation; all we need is for debt to grow no faster than GDP.
The question is whether it will be capable of rising to them.So much to doThe first thing that either Mr Blair or Mr Brown must do is to put the country on a more stable fiscal footing.
Similar(44)
He said the payment would help to create "a stable macroeconomic, fiscal and investment environment".
A wise monetary policy aims to keep prices stable, prudent fiscal policy to stabilise government debt.
Inflation is down, interest rates are dropping, the rupee is stable, and fiscal and current-account deficits have shrunk.
"There are significant uncertainties in the global economy at the present time and S&P point out that the outlook could be revised back to stable 'if fiscal out-turns are more benign than [they] currently anticipate'".
He added: "As we have long said, what the industry requires is a stable predictable fiscal regime, and that substantial tax incentives are needed to achieve the objective of maximising recovery.
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