As a result, fiscal consolidation appeared to be the only way to restore confidence.

Restructuring damages the euro, and fiscal consolidation in the distressed countries, while necessary, is probably not sufficient.

In the United Kingdom, the new government gave several reasons for front loading fiscal consolidation.

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The Return of the Stiff Upper Lip

Threading the Fiscal Needle

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The inventory adjustment that drove most of the GDP growth for a few quarters is complete, and tax policies that stole demand from the future ( cash for clunkers all over Europe, etc.) have expired.

Large quantities of illicit drugs had been seized and important measures had been implemented to prevent money laundering, further judicial cooperation and improve drug control.

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Configuration Metabar

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

Self discipline the most important factor for success.

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