Krugmanomics was a nonstarter because the gold standard encourages fiscal and monetary discipline, not recklessness.
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Only Germany rejects this mindset, preferring to maintain fiscal and monetary discipline and earn its exports by making good products efficiently.
The upside: Thailand's new leadership has been lauded for monetary discipline, market-friendly policies and its determination to adhere to the IMF program.
What it did comprise, in summary, was fiscal and monetary discipline, opening up to foreign trade and investment, and large-scale privatisation and deregulation.
Its monetary and budgetary discipline must be approximately the same as those in the other Euro countries.
These often concern macroeconomic questions such as monetary policy and fiscal discipline, and the means of globalisation, such as free trade and foreign investment.
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They may not really expect the head of their central bank to get the job, but they must surely expect to get a concession of some kind perhaps the inclusion of Italy in the first intake of single-currency participants, perhaps a weakening of the terms for budgetary discipline when economic and monetary union is in place.
But the dilemma is how to make fiscal policy more flexible, in order to take pressure off monetary policy, while still maintaining long-term discipline.
No wonder international bureaucracies such as the International Monetary fund and European Central Bank are producing research showing that spending discipline is the right approach.
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The objective of the SGP was for strict fiscal discipline to be maintained and enforced in the process of European Monetary Union (EMU).
Some may jib at this Teutonic discipline, which foolishly constrains fiscal policy at a moment when the loss of an independent monetary policy argues for more, not less, fiscal flexibility.
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