Successful coordination in fiscal and monetary affairs would enable the region to manage external shocks successfully.

While many countries had continued to improve their macroeconomic policy, most remained vulnerable to global economic shocks and had limited capacity to conduct counter cyclical monetary and fiscal policies to deal with domestic imbalances and the adverse impact of such shocks.

The first concerns the growing imbalances in the monetary and financial systems that expose the global economy to shocks that are beyond any national capacity to control.

But this overlooked a crucial feature of monetary unions free capital mobility and elimination of currency risk indispensable attributes of a currency area could be (and were) the source of asymmetric shocks. Currency unions, in other words, must worry about endogenous as much as exogenous shocks.

Germany s Five Shocks

(b) Electric shocks

They are facing the argument that the United States monetary union works much better because there is a large federal budget to smooth the impact of asymmetric shocks that is, shocks to individual states. The eurozone, it is claimed, should have its own budget to provide similarly automatic insurance to its members.

Regression equation of income shocks

Finally, once the crisis hit, leading to a re pricing of risks in financial markets, the need to avoid an economic and financial meltdown compelled governments to support aggregate demand and make private liabilities whole. But the disconnection between centralized monetary and decentralized fiscal powers de facto impeded the full use of monetary instruments to meet monetary and financial shocks.

Most notably, eurozone countries have faced powerful asymmetric shocks, to which their lack of independent monetary policy instruments made it virtually impossible to respond. As a result, they have struggled with recurring economic crisis.

Second, exchange rates need to reflect economic fundamentals. But while theory suggests that flexible exchange rates should blunt foreign monetary or financial shocks, in practice, such a currency regime rarely works on its own.

The US will normalize its interest rate policy sooner or later according to its need. For other countries, it is important to focus on policies that can strengthen resilience to foreign financial or monetary shocks.

The torture included beatings and electric shocks.

Adjustment, support to trade and trade related shocks

19. Rapid recovery appeared unlikely, mainly because of the slowness of some Governments to undertake the appropriate fiscal and monetary measures and the effect of external shocks but also because speculators had lost confidence in the region s currencies.

So it was a series of five painful shocks.

He was allegedly subjected to torture, including electric shocks.

A single drop was enough! Wounds, shocks, corns, gall,

18. Also notes the initial discussion in the International Monetary Fund on a new liquidity instrument that would enable high access financial support to developing countries that have market access and strong economic policies but nonetheless remain vulnerable to shocks

A single monetary policy focused on price stability in the euro area cannot react to shocks that affect only one country or region. So, to avoid prolonged local slumps, it is critical that national fiscal policies can perform their stabilization role.

Some also stressed that effective management of the fiscal budget with a medium term perspective, as well as prudent monetary policies, were key in ensuring room to manoeuvre in case of shocks they enabled countries to implement counter cyclical policies.

These shocks were naturally beyond the ECB s control. The policy response, however, required preventing these shocks from becoming entrenched in medium to long term inflation expectations.

And they gave them a series of painful electric shocks.

Debt sustainability is also affected by vulnerability to external shocks.

Sound national policies are also essential for cushioning external shocks.

All four were allegedly tortured by means of electric shocks.

You know, that's the kind of observation that shocks people.

Means of recovery from natural environmental disasters and external economic shocks

(a) Physical or mental injury, including pain, suffering and emotional shocks

Give me a hand to lower this lifeboat. Clear the shocks.

Their eyes have three lenses, three pupils. Strong light shocks them.

Half of them are told that they're being given the shocks by somebody in another room, but the person in the other room doesn't know they're giving them shocks.

Monetary Mystification

This external dependence increases their vulnerability to external economic threats and shocks.

Guillermo Romero Cierto was allegedly also beaten and subjected to electric shocks.

He was also allegedly subjected to electric shocks, including to the mouth.

He was also allegedly hung from the ceiling and given electric shocks.

The Monetary Cosmopolitans

China s Monetary Sterilization

International Monetary Fund

International Monetary Fund

International Monetary Fund

International Monetary Fund

Special and differential treatment was key to avoiding possible negative shocks, they added.

Ashot Avetsian was allegedly beaten with metal rods and subjected to electric shocks.