Fiscal Discipline and Educational Quality

The Growth and Stability Pact would safeguard fiscal discipline.

Fiscal discipline remains essential, as are deep structural reforms.

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

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

Fiscal discipline does not sound as visionary as economic government.

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

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.

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

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.

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

Fiscal discipline came back with a vengeance last year, when the state of public finances in a number of countries had deteriorated massively, owing to the recession and financial rescue packages.

The OECD, however, cautions governments not to consolidate too rapidly in a slow global recovery.

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

It is also true, however, that financial discipline must be maintained in order for the Court to enjoy the support of the wider international community.

Any lasting solution requires Europeans to acknowledge that they now face a common problem that can be resolved only by greater cohesion and financial solidarity. The ECB must become a genuine central bank for Europe.

The government is using a variety of instruments, including financial sector credit discipline, to rein in investment demand.

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

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

A second positive sign is the recognition that not all crises are rooted in a lack of fiscal discipline it is now agreed that financial and macroeconomic stability also matter.

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

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.

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.

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.

First, the committee explicitly discussed whether the capital market would suffice to impose fiscal discipline on the currency union s members, and agreed that a system of rules was needed.

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.

A Europe of Solidarity, Not Only Discipline

China s government continues to turn a blind eye toward banks that lend to the politically well connected, or that tolerate companies mostly state owned with poor financial discipline.

In Greece itself, there are riots in the streets and strikes in the factories in the rest of the PIIGS (Portugal, Ireland, Italy, and Spain), fiscal discipline will be politically and socially painful.

Long term fiscal consolidation requires, in the first instance, expenditure restraint and labor market reforms can, over time, bring marginal groups into employment.

Discipline and personnel conduct issues

Robert Rubin and Kent Conrad warned him that the press would not interpret his testimony as being balanced, and that Congress would interpret it as an excuse to abandon 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.

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

Under the gold standard, discipline was automatic.

We are seeing the parties exercise a certain restraint.

The second problem is imposing discipline on national policies in order to preempt the temptation to export domestic inflation or unemployment. Under the gold standard, discipline was automatic.

For southern European countries, joining the euro was explicitly or implicitly a way to force their citizens to accept a degree of fiscal discipline that they were incapable of adopting on their own.

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.

The US economy needs a second round of fiscal stimulus in the short term to make up for low private demand, together with a credible long term fiscal consolidation program.

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.

The Organization's financial health, however, remained fragile and greater financial discipline was needed, even though Member States bore most of the responsibility for the problems being faced.

High borrowing costs are needed to focus minds and instill discipline.

False triumphalism breeds poor discipline.