After the launch of the euro in 1999 the bond markets were quick to shake off their doubts about the durability of monetary union without a common fiscal or economic policy.
Many worry that partisanship in the U.S. leads to policy paralysis, but political disagreement here pales in comparison to the European Union, which has 27 member states whose political landscapes feature far more parties than the two-party system in the U.S. The U.S. also possesses a single jurisdictional political entity that allows it to enforce a common fiscal and monetary policy across all of its parts.
In short, the dictates of common sense, fiscal responsibility and even Defense Department regulations have been seriously disserved by the latest "top-down" restructuring of the V-22 program to a reduced, single-service requirement.
One is greater fiscal integration, including a joint fiscal authority, the issuing of common bonds, and the ability to make fiscal transfers to regions hit disproportionately hard by recession.
While the political divide in Washington is wider than ever, the common goal of avoiding the fiscal cliff should help policymakers find a solution.
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Many observers of the Eurozone debt crisis argue that the Euro can only survive if the common currency is complemented by a fiscal union.
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President Barack Obama would now encourage the bipartisan fiscal committee and members of Congress to "put our common commitment to a stronger recovery and a sounder long-term fiscal path above our political and ideological differences", said Mr Carney.
The ongoing fiscal discipline needed for a common currency to work in Europe was appreciated, but probably not sufficiently.
Now, as is clear from Thursday night's summit statement, these common institutions are to oversee a selective "fiscal compact".
German interest rates really need to be lower, but since this is not possible under Europe's single monetary policy, common sense would argue that Germany should allow fiscal policy to be more flexible.
Such surprises frequently compel the federal government to give urgent attention to its constitutional mandate to "provide for the common defense, " often at the expense of fiscal discipline and other priorities.
Germany's Chancellor Merkel believes that only with fiscal and political union can the zone consider common debt.
Perhaps a fiscal union that would supervise the issuance of common Eurobonds?
While this may have worked sufficiently through the great credit crisis of 2008-2009, this common currency and shared economic base is experiencing strains coping with fiscal problems of one (or now many) of its underlying constituent countries.
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And then to, as things began to stabilize, to go about the business of getting our fiscal house in order in a reasonable, balanced, common-sense way.
The need for political cohesion around a drive for austerity was common to many delegates' views, as was a desire for closer fiscal union.
We need to bring together through a process that has to involve the leadership those Republicans and Democrats who can find consensus on common ground on measures to reduce our deficit and begin to reform our fiscal policy in a way that makes us stronger for the 21st century.
The Conservatives tabled four amendments to the motion, calling on the Welsh government to negotiate a sound and efficient budget to meet the fiscal needs of Wales, ensuring a stable economy that supports the Common Agricultural Policy and regional funding.
Irked by what they consider to be the euro zone's habit of rewarding indigence and penalising thrift, and concerned about what they see as a drift towards fiscal union, some senior Slovaks are even threatening to dump the common currency altogether.
The Barroso proposal aims to quickly create a common bailout fund backed by levies on the eurozone banks, skirting the need for direct fiscal transfers.
Congress and the President had trouble finding common ground on the budget, and Congress refused to increase the debt limit without some move toward fiscal health.
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But the haggling over the fiscal cliff also presents a very real opportunity for the two parties to come together around common sense policies that will move the nation forward.
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In Davos recently David Cameron argued that successful currency unions had vital features in common: a lender of last resort for the state, economic integration and flexibility to deal with shocks, fiscal transfers and collective debt.
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