Don't expect sudden cash windfalls (from high commodity prices, for instance) to last, plan your spending cuts strategically, cut back on low priorities, but do not slash across the board.

ECONOMIST: World Bank

Mr Bush's trade negotiator, Robert Zoellick, argues nevertheless that America is ready to slash subsidies if those countries with higher levels of support cut back proportionately more, to produce a level playing field.

ECONOMIST: Will there ever be a breakthrough?

He wants to slash profits tax from 30% to 15%, in part to lure back Icelandic companies registered offshore.

ECONOMIST: David Oddsson, Iceland��s Eurosceptic leader