What is needed are constraints on fiscal policy by each country, not a supranational fiscal authority.

The case for returning fiscal responsibility to national authorities is also strong and not only because centralized fiscal authority has proved to be so inefficient.

To state the problem more generally, the eurozone requires a liquidity backstop for its fiscal authority.

In the absence of an international fiscal authority, the IMF is the organization that comes closest to being one.

Likewise, fiscal union means giving the European Commission (or, alternatively, a European Treasury) the authority to veto national budgets.

So an independent fiscal authority modeled along the lines of an independent central bank is neither feasible nor desirable.

The EU needs some fiscal authority of its own if it is to make Europe s economic and monetary union work.

Despite these initial steps, a fiscal crisis within the Palestinian Authority required emergency budget support towards the end of the year.

And it would interfere much less with national sovereignty than would the subordination of fiscal policies to an EU or eurozone wide authority.

Now, China s government must take fiscal decentralization further, giving each local government the authority to collect taxes and control its budget s scale and structure.

The need for the Palestinian Authority to adhere to the reform agenda and to re establish fiscal discipline was a central theme of the meeting.

The international community should focus its attention on the recommendations of the Quartet's Special Envoy, Mr. Wolfensohn, in particular the recommendations to help the Palestinian Authority overcome its fiscal crisis and achieve fiscal stabilization, as well as to implement quick impact economic programmes.

It is clear what is needed a European fiscal authority that is able and willing to reduce the debt burden of the periphery, as well as a banking union.

By this, he meant an open economy that ensures the free flow of goods, labor, and capital, together with a disciplined central fiscal authority and a strong central bank.

Indeed, the upcoming summit is missing an important agenda item a European Fiscal Authority (EFA) that, in partnership with the ECB, could do what the ECB cannot do on its own.

Meanwhile, the state lurches from fiscal tragedy to fiscal farce.

In Europe, the outgoing head of the European Central Bank recommends more centralized fiscal authority in Europe in order to deal with likely defaults by one or more of Greece, Portugal, and Spain.

Fiscal consolidation was not, however, the result of formal fiscal rules.

Fiscal Follies

The IMF also has the unique advantage of being the only depositary of international reserves. In the absence of an international fiscal authority, the IMF is the organization that comes closest to being one.

There was no support for centralizing any significant elements of fiscal policy nor is there today. But such a transfer of authority was not seen back then as necessary for monetary union to work.

Fiscal stimulus is turning into fiscal austerity and a drag on growth.

Just as the Federal Reserve exists to ensure that monetary policy is not inconsistent with price stability, the Fiscal Stabilization Board would guarantee that spending authority remains in line with the legislated level of taxes.

Europe s Fiscal Wormhole

America s Fiscal Isolationism

Fiscal Closing Time?

Fiscal Child Abuse

Germany s Fiscal Follies

India s Fiscal Follies

Shorting Fiscal Consolidation

Alternative Fiscal Medicine?

CAIRO You are the authority, above any other authority.

The EU needs some fiscal authority of its own if it is to make Europe s economic and monetary union work. It is already a profound peculiarity that customs duties in a customs union are still administered nationally.

The impact was greater in countries that had a history of structural fiscal problems, maintained loose fiscal policies, and ignored fiscal reforms during the boom years.

America s Exceptional Fiscal Conservatism

Europe s Empty Fiscal Compact

Fiscal Fibs and Follies

Gaming US Fiscal Reform

America s Fiscal Cliff Dwellers

Is Fiscal Stimulus Pointless?

Obama s Difficult Fiscal Summer

Fiscal policy was required.

Threading the Fiscal Needle

Fixing America s Fiscal Problem

e. Special fiscal policies