The Minister of Finance was of the view that the economic and fiscal stabilization programme had put Anguilla on a path of sustainable economic development.

Such a growth path is simply not sustainable.

Having used fiscal spending aggressively to avoid a depression, the US must now commit to a credible medium term path of fiscal consolidation.

Instead, we look to you to embark on an appropriate and sustainable policy path.

Under these conditions, deleveraging could put emerging Europe on a more sustainable growth path.

The crisis can yet be an opportunity to turn from a path of financial bubbles and excessive consumption to a path of sustainable development.

And default with an orderly restructuring would instantly set Greece s finances on a sustainable path.

Thus, Latvia today enjoys a sustainable fiscal position, with output close to its potential and growing.

Finally, in the face of political opposition to fiscal consolidation, especially in the US, there is a risk that the path of least resistance becomes continued monetization of fiscal deficits.

This is not just a political commitment we have enshrined France s fiscal path in a law adopted in November.

Even Greece, despite its rapidly eroding competitiveness and increasingly unsustainable fiscal path, could attract the capital that it needed.

Systemic reform of Italy s government may be a prerequisite to achieving consensus on a path to fiscal health and growth.

Unfortunately, the fiscal stimulus was not well enough designed to get the economy onto a strong, self sustaining growth path.

Absent a prolonged fiscal cliff and debt ceiling mess, the US may be cobbling together a sustainable recovery.

Our country will continue to oppose the obstacles put in the path of the sustainable development of developing countries.

Eventually they may take aim at other countries even Japan and the United States where fiscal policy is on an unsustainable path.

France is fully committed to a fiscal consolidation effort that returns it to a balanced budget by 2017. This is not just a political commitment we have enshrined France s fiscal path in a law adopted in November.

In our generation, sustainable development will be our test, encouraging us to use our creativity and human values to establish a path of sustainable well being on our crowded and endangered planet.

Monetizing the fiscal deficits would then become the path of least resistance running the printing presses is much easier than politically painful deficit reduction.

Austerity based fiscal consolidation is likely to fail, because sustainable public budgets are best achieved on the basis of strong economic growth.

I hope to see governments in Western Europe and the US face up to their responsibilities and conduct sensible, sustainable fiscal policies.

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.

In Europe, many governments, having embarked on the path of fiscal consolidation while their economies were still weak, are now struggling with the growth consequences.

Getting the balance correct is complicated by the fact that the right fears the left will use fiscal stimulus as a path to permanently larger government, a path that the right (and apparently the general public) is unwilling to follow.

Unfortunately, the fiscal policy currently adopted by various advanced economies deviates sharply from this path of credible medium term consolidation combined with short term additional stimulus.

By implementing new mechanisms to render the future path of fiscal balances and public debt more predictable, they could have averted the worst of the crisis.

And, even on such generous terms, Greece would probably need a daunting 10 of GDP fiscal adjustment just to return to a more stable debt path.

That means taking advantage of unilateral action by individual countries or regional groupings to put the global economy on a more sustainable path.

Unfortunately, US and European politicians have failed to show similar imagination when it comes to fiscal policy. By implementing new mechanisms to render the future path of fiscal balances and public debt more predictable, they could have averted the worst of the crisis.

But, despite its new vigor, the benefits of recovery could prove to be short lived unless a sustainable and cooperative growth path is found.

Addressing the challenges of developing sustainable energy systems, mitigating and adapting to climate change, reducing atmospheric pollution and promoting a sustainable path to industrial development requires strong and focused national, regional and global science and technology systems.

Business as usual can work for a while, but it will end in tears, while the sustainable development path can lead to long term prosperity.

But the process should be gradual and back loaded with much of the consolidation coming after Europe s economies have returned to a sustainable growth path.

With America facing a fiscal cliff automatic tax increases and spending cuts at the start of 2013 that will most likely drive the economy into recession unless bipartisan agreement on an alternative fiscal path is reached could there be anything worse than continued political gridlock?

The crisis can yet be an opportunity to turn from a path of financial bubbles and excessive consumption to a path of sustainable development. In fact, seizing this opportunity is the only recipe for genuine growth that we have left.

The conference in Montreal the 11th such meeting should look beyond 2012, so that the world gets onto a safe and sustainable long term climate path.

Thus, an already unsustainable US fiscal path, with budget deficits above 10 of GDP and public debt expected to double as a share of GDP by 2014, becomes even worse.

But the other finance ministers did not echo Geithner s warnings. Instead, they emphasized the importance of sustainable public finances and the need for measures to deliver fiscal sustainability.

Fiscal expansion is always risky, as it adds to debt and raises dangers later. But, given where we are, the benefits exceed the costs in countries with sustainable debt.

Is there a different way? The path through international law engages lawyers and diplomats, but not the engineers, scientists, and community leaders on the front lines of sustainable development.

UNIDO was on the right path, but must continue to refine and strengthen its core competencies, while contributing to sustainable industrial development and the achievement of international development goals.

For starters, China s new leadership has moved away from outsize fiscal and monetary stimulus and accepted an economic slowdown, betting on structural change, systemic reform, and sustainable longer term growth.

But, however important the fiscal and banking union elements of this process may be, the key is whether large scale financing and gradual adjustments can restore sustainable growth in time.

Systemic reform of Italy s government may be a prerequisite to achieving consensus on a path to fiscal health and growth. But this is not the ideal moment for a timeout to do that.

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