Now, according to Josh Barro, a fiscal-policy analyst, many will not be able to meet all their obligations.
To survive, the currency may come to acquire a level of fiscal-policy co-ordination that will appal the British.
Automatic or independent fiscal-policy adjustment (on top of so-called automatic stabilisers that operate in any case) may be difficult to develop.
Swings in cross-border capital flows all too frequently dominate a range of monetary, regulatory, fiscal- and social-policy decisions because the broad-brush approach also characterises many international investors in Africa.
This also demonstrates the more coordinated nature of policy making in the (Brazilian president) Dilma Rousseff administration, as a lower neutral rate involves not only fiscal-monetary policy coordination but also microeconomic reforms.
And despite the fact that Mervyn King himself has said that lending to businesses in this way is indeed fiscal policy - a kind of industrial policy - which is why the Bank of England isn't doing it.
Politics has always played a big part in what the IMF says publicly about UK fiscal policy - and that has been particularly true in the past three years.
And conservatives everywhere are relooking at the role of central banks as they morph from lenders of last resort to effectively underwriting - some say controlling - fiscal policy.
You need growth to revive confidence, and the only tool capable of producing growth in this climate, the critics would argue, is fiscal policy - a lot more government spending.
Sir Mervyn King said the other day it would be wrong for the Bank to write off the government debt it had bought as part of its quantitative easing policy, because that would be an act of fiscal policy - and an irresponsible one, at that.
Similar schemes, such as the Federal Credit Programme in America, are tools of fiscal policy aimed at realising public-policy goals in an efficient and effective manner by using loans.
The latter was caused by wrong-headed monetary and fiscal policy, combined with the Smoot-Hawley tariffs, and not by happenings on Wall Street.
" Kuala Lumpur's priority, he added, was to "put our house in order -- improve economic fundamentals by tightening fiscal policy, postponing some mega-projects and bringing the current-account deficit down.
They did not need a pro-cyclical fiscal policy to stave off default or devaluation.
The blame for the euro area's feeble growth rate lies mainly with an over-tight fiscal policy and structural rigidities.
In any case, if counter-cyclical fiscal policy is to work, speed is crucial.
As a consequence, a pro-growth fiscal policy would favor immediate reductions in federal spending over promised future reductions in government outlays.
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On the official version of events, Mr Osborne's credit easing will be an example of "monetary activism", as he suggests - not fiscal policy as many might imagine.
Two decades of stimulative, low-interest-rate fiscal policy have made Japan the most indebted nation in the developed world, and as new Prime Minister Naoto Kan recently said, in his first address to Parliament, that situation is not sustainable.
Prime Minister Junichiro Koizumi is reportedly chairing a meeting of the policy-setting Council on Economic and Fiscal Policy, which will announce a package later in the day.
I've been speaking to one respected economist and policymaker who thinks I've forgotten one big way that short-term decisions on UK fiscal and monetary policy could affect the UK's long-term economic health.
Given the persistent weakness in the U.S. economy, a re-evaluation of fiscal policy theory is warranted.
Yet the need for greater co-ordination in fiscal policy is the main theme of the new governments' thinking.
Ireland has tightened fiscal policy by 4-5% of GDP since the crisis struck.
The use of fiscal policy to fine-tune the business cycle in any more than this passive way went out of fashion around 30 years ago.
If the Europeans really have done nothing more on fiscal policy by then--and if the eurozone still has relatively high interest rates--the conversation may be rather more awkward for them.
The embodiment of the new urgency and resolve to find solutions is the appointment of a 72-year-old veteran fiscal policy expert, Yosano Kaoru, as the new Minister for Economics and Finance.
Conversely, government dysfunction or misguided fiscal policy can cause self-inflicted wounds to the economy.
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If a country does not improve its fiscal policy, a fixed-rate system may simply store up trouble.
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