Fiscal Discipline and Educational Quality

That would impose tough fiscal discipline, indeed.

That would enable effective enforcement of fiscal discipline at the national level and provide the euro with the fiscal discipline it needs to survive.

Fiscal discipline remains essential, as are deep structural reforms.

The Growth and Stability Pact would safeguard fiscal discipline.

Fiscal discipline does not sound as visionary as economic government.

The authorities recognize the need for strict fiscal discipline and financial regulation.

Public opinion will not be sympathetic to fiscal discipline or neoliberal orthodoxy.

Recent World Bank loans are similarly conditioned, in part, on fiscal discipline.

Enter the Maastricht Treaty, which in theory imposes fiscal discipline by placing limits on government deficits and debt levels clearly a structure designed to prevent free riding on the fiscal discipline of others.

But a step in the right direction could be taken by partial fiscal centralization with a limited countercyclical mandate. That would enable effective enforcement of fiscal discipline at the national level and provide the euro with the fiscal discipline it needs to survive.

Given the fiscal legacy of the current crisis, no efforts should be spared in anchoring fiscal discipline firmly in European Union countries.

Fourth, it is difficult to overestimate the importance of fiscal discipline to longer term growth.

The stimulus must come from the EU, because individual countries will be under strict fiscal discipline.

When the eurozone was created, it was widely understood that fiscal discipline was a crucial underpinning.

We have put into practice fiscal discipline, warded off inflation and adopted measures to stimulate economic growth.

Instead, today s left looks at growth, fiscal discipline and competitiveness with pragmatism, and not as ideological red flags.

Both market discipline and sound fiscal management are needed to create a reasonable chance of long run price stability.

But delaying the debt reckoning for too long would undermine confidence in the US government s capacity for fiscal discipline.

Nevertheless, the Committee trusts that prudence and fiscal discipline will be exercised in administering all items of the budget.

With different tools including a profound restructuring of its foreign debt and less discipline, Argentina accomplished a similar fiscal turnaround.

But, although the current European political process will not create strong fiscal discipline, financial markets are likely to force eurozone governments to reduce their sovereign debts and limit their fiscal deficits.

Nevertheless, this enforced fiscal discipline, combined with individual states own internal budgetary procedures, has prevented a large scale state level fiscal crisis from occurring in the US since the Great Depression.

Instead of the International Monetary Fund, it is Germany that is acting as the taskmaster imposing tough fiscal discipline on them.

But fiscal discipline must be accompanied by policies that promote growth, without which balanced budgets and debt reduction cannot be achieved.

In India, for example, increasing productivity and long term growth require fiscal discipline and a raft of financial and labor market reforms.

In the United Kingdom, a hung parliament has resulted in a coalition government that will have a hard time implementing fiscal discipline.

Central banks that buy sovereign debt issued by fiscal authorities offset market imposed discipline on borrowing costs, effectively subsidizing public sector profligacy.

Should a country violate the fiscal compact, it would wholly or partly forfeit its reward and be obliged to pay interest on the debt owned by the SPV. That would impose tough fiscal discipline, indeed.

Changing that pattern will require a restructured financial system that allocates savings efficiently, based on fiscal and capital market discipline and corporate governance reform.

If the EU wants a monetary union in which sovereign debt is relatively homogenous with respect to risk, fiscal discipline must be similarly homogenous.

Such preventive measures are all the more important in view of the Great Inflation s second relevant lesson fiscal discipline is essential to price stability.

It may also delay needed fiscal austerity if large deficits are monetized, and, by keeping rates too low, prevent the market from imposing discipline.

Indeed, the adoption of fiscal rules was seen as a necessary substitute for the harsh discipline that financial markets had previously exercised over EU countries.

Because a gradual path establishes long run fiscal discipline, it would not crash the bond market, as an outright cancellation of the tax increase might.

These include greater fiscal discipline in the US, greater reliance on domestic demand in both Europe and Asia, and more flexible exchange rates in Asia.

It also established a new tradition of stability in economic policy, continuing and reinforcing the previous Conservative government s commitment to fiscal discipline and low inflation.

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.

While the right medicine needed to avoid fiscal train wrecks is well known, the main constraint to fiscal consolidation and discipline is that weak governments around the world lack the political power and willingness to implement austerity.

The creation of the euro is nothing but an extreme form of commitment European governments tried to lash themselves to the German mast of fiscal discipline.

Developments over the last two years have exposed the weaknesses of a bare bones monetary union based only on a single monetary policy and fiscal discipline.

As long as enforcement of fiscal discipline is entrusted to an intergovernmental body, the problem is bound to reappear, limiting the credibility of common budgetary rules.

On the economic front, they agreed on only a bare bones Economic and Monetary Union built around monetary rectitude and an unenforceable promise of fiscal discipline.

As long as this combination of factors lasts, the governments of Latin America can maintain fiscal discipline, despite higher spending, as rapid growth translates into greater revenues.

While 25 of the EU s 27 governments agreed to the fiscal compact, aimed at imposing fiscal discipline on member states, there is no guarantee that governments will not violate the rules, just as they violated those established by the Maastricht Treaty.