But the open economy that has bred Russia s economic success requires the maintenance of sensible policies to succeed.

These are words of wisdom.

In the United States, individual states that follow unsound fiscal policies face a penalty.

But, with mounting fiscal and financial risks threatening to derail its efforts, policymakers must act quickly to design and implement prudent, forward looking policies.

The current government has pursued tight fiscal policies, resulting in balanced budgets and low public debt.

The EU does not have a robust centralized fiscal structure with a counter cyclical mandate.

(c) Pursuing financial policies that ensure sustainability and avoid discontinuities that are in practice prejudicial to the Millennium Development Goals.

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

Strong central institutions, responsible to a directly elected parliament, are needed to coordinate fiscal and economic policies.

But, with the crisis over, the bypassing continued increasingly by the prime minister alone. Genuinely collective decision making can be a painfully difficult process, but, in government as elsewhere, there is wisdom in crowds.

Crises need to be carefully managed.

There are four things which are little on the earth, but they are exceedingly wise

There be four things which are little upon the earth, but they are exceeding wise

The combination of loose fiscal policy and tight monetary policy will mean high interest rates, sluggish investment, and slow growth.

and Hamath, also, which borders on it Tyre and Sidon, because they are very wise.

And Hamath also shall border thereby Tyrus, and Zidon, though it be very wise.

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.

Some commentators have savaged Europe s policymakers for not orchestrating as aggressive a fiscal and monetary policy as their US counterparts have.

ELA There are more sobering notes among the n grams.

Some countries have primary fiscal surpluses for the first time, and most emerging markets have brought down inflation through tight monetary policy.

Also, it pointed out that the provision of additional funds was indispensable for the success of the programme, while thanking the donor countries that had already made a financial contribution to the IPRs.

And to my mind, those are pretty wise words, no matter what your creed. Thank you.

Then a wise woman cried out of the city, Hear, hear! Please say to Joab, 'Come near here, that I may speak with you.'

Then cried a wise woman out of the city, Hear, hear say, I pray you, unto Joab, Come near hither, that I may speak with thee.

Although Brazil boasts effective tax collection and its central bank has a reputation for prudent monetary policy, fiscal resources are squandered on social programs and on constitutionally mandated expenditures that produce low returns, owing to poor public sector implementation.

With the exception of Myanmar, inflation tended to be lower in 2004 in all of these countries owing to greater exchange rate stability as well as to prudent monetary policies, although the rise in oil prices was beginning to affect the general price level.

For starters, the Stability and Growth Pact, intended to ensure sound fiscal policies in the eurozone, was never correctly implemented.

Brazil s finance minister speaks of a latent currency war, and he is not far off the mark it is in the currency markets that different economic policies and different economic and political systems interact and clash.

Faith in renewed growth is an ill advised policy strategy.

But the outlook for a new, sensible policy is not promising.

It is more important to have wise leadership and sound policies in place so as to ensure the delivery of results that meet people's aspirations.

Many African countries have used the past decade to put in place sound and sustainable economic policies that have delivered robust growth and low inflation. Together with debt relief, these policies have resulted in low levels of public debt, relatively sound financial systems, and most important rising living standards.

With wise policy responses, the impact is likely to be relatively mild and short lived.

In a previous era, an economic adviser might have recommended specific fiscal and monetary policies a reduction in fiscal expenditures or a ceiling on credit geared at restoring macroeconomic balances.

Wise policy simultaneously considers short , medium , and long term effects.

Countries with a stronger fiscal position (that is, smaller structural deficits) should be encouraged to adopt more expansionary policies in order to contribute to lifting overall demand.

Undetected imbalances and systemic risk make fiscal policies seem prudent when they are not.

In any case, limiting financial interdependence is the prudent strategy and the likely outcome.

UNICEF will continue to use, in a judicious manner, the services of outside agencies and consultants to fill gaps, carry out temporary assignments and perform specialized tasks.

In the meantime, we are doing our utmost through our good offices to help steer the process towards prudent conflict management.

Meanwhile, international bodies, including the International Monetary Fund and the G 20, encouraged struggling countries to implement loose fiscal policies, claiming that they were needed to overcome the crisis.

Fiscal Follies

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

Russia faces serious and intensifying financial problems. But its biggest problem remains its leader, who continues to deny reality while pursuing policies and projects that will only make the situation worse.

A Movable Financial Feast