Despite these initial steps, a fiscal crisis within the Palestinian Authority required emergency budget support towards the end of the year.

The case for returning fiscal responsibility to national authorities is also strong and not only because centralized fiscal authority has proved to be so inefficient. With citizens of distressed countries bearing the fiscal burden of the crisis, the enduring presumption that they will not act responsibly is patronizing, at best.

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.

The international community should focus its attention on the recommendations of the Quartet's Special Envoy, Mr. Wolfensohn, in particular the recommendations to help the Palestinian Authority overcome its fiscal crisis and achieve fiscal stabilization, as well as to implement quick impact economic programmes.

Fiscal Challenges and Fiscal Follies

It is clear what is needed a European fiscal authority that is able and willing to reduce the debt burden of the periphery, as well as a banking union. Debt relief could take various forms other than Eurobonds, and would be conditional on debtors abiding by the fiscal compact.

And here was the clincher By committing themselves to fiscal tightening, finance ministers gave themselves scope for some fiscal loosening. Proclaiming fiscal virtue enabled them to practice fiscal vice.

The IMF also has the unique advantage of being the only depositary of international reserves. In the absence of an international fiscal authority, the IMF is the organization that comes closest to being one.

Fiscal Follies

It may well be time for another technocratic push a Fiscal Stabilization Board that would take its place beside the Federal Reserve Board. Just as the Federal Reserve exists to ensure that monetary policy is not inconsistent with price stability, the Fiscal Stabilization Board would guarantee that spending authority remains in line with the legislated level of taxes.

It needs a fiscal center much as the United States needed a federal authority to tax in 1787. Indeed, the Europeans need the equivalent of the US Constitutional Convention and the difficult ratification debate that followed.

Europe s Fiscal Wormhole

America s Fiscal Isolationism

Fiscal Apocalypse Now

Germany s Fiscal Follies

The EU needs some fiscal authority of its own if it is to make Europe s economic and monetary union work. It is already a profound peculiarity that customs duties in a customs union are still administered nationally.

The notion of unlimited quantities was important speculators would force officials to exhaust limited quantities, with the purchasing authority (the Bundesbank) eventually bearing the loss. Monetary support would lead to fiscal transfers, making limited interventions a non starter.

The notion of unlimited quantities was important speculators would force officials to exhaust limited quantities, with the purchasing authority (the Bundesbank) eventually bearing the loss. Monetary support would lead to fiscal transfers, making limited interventions a non starter.

Computes Italian Fiscal codes

America s Exceptional Fiscal Conservatism

Europe s Empty Fiscal Compact

Fiscal Fibs and Follies

Gaming US Fiscal Reform

America s Fiscal Cliff Dwellers

Is Fiscal Stimulus Pointless?

Threading the Fiscal Needle

Fixing America s Fiscal Problem

e. Special fiscal policies

The EFC would be authorized to request an amended assessment of a country s fiscal trajectory and requirements. With such limited authority, there would be no need for the EFC to be accountable or democratically legitimated at the European level.

ECB President Mario Draghi has said much the same. Indeed, the upcoming summit is missing an important agenda item a European Fiscal Authority (EFA) that, in partnership with the ECB, could do what the ECB cannot do on its own.

Fiscal Austerity Versus European Society

Fiscal Discipline and Educational Quality

Lessons from the Fiscal Cliff

Ireland s Moment of Fiscal Decision

The Bogey of Fiscal Stimulus

The Case for Fiscal Stimulus

The Fiscal Crisis Down Below

Will Europe s Fiscal Compact Work?

Fiscal year ending 30 September

Country Kazakhstan Fiscal year 2004

Emergency budget and fiscal support

Osborne s defenders might make the same argument for his fiscal policy. A credible policy of fiscal consolidation, they might say, will have the same exhilarating effect on confidence as fiscal consolidation itself.

Moreover, fiscal support is absent this time QE1 and QE2 helped to prevent a deeper recession and avoid a double dip, respectively, because each was associated with a significant fiscal stimulus. In contrast, QE3 will be associated with a fiscal contraction, possibly even a large fiscal cliff.

The model for a future United States of Europe is Switzerland, a country with four languages and ethnicities, fiscally strong sub national units (cantons), a single first rate currency, and a federal government and a parliament that exercises genuine, if limited, fiscal authority.

Donors agreed on the need for the Palestinian Authority to implement, as a matter of priority, a medium term fiscal stabilization plan and stressed that reform must continue in the coming months, even though the election period may make this more difficult.