But to nail deflation once and for all, bolder steps by monetary and fiscal authorities are needed.

ECONOMIST: Deflation in Japan

The big goal is automatic information exchange between countries' fiscal authorities.

ECONOMIST: Swiss banking secrecy

Both said that monetary and fiscal authorities should outline how they will step back from the rev-it-up policies since the global banking crisis, in order to achieve sustained, noninflationary growth (i.e. no bubbles).

FORBES: Deficits hinder investment? 'Ludicrous'

France, seeking fresh ways to raise funds and frustrated that American technology companies that dominate its digital economy are largely beyond the reach of French fiscal authorities, has proposed a new levy: an Internet tax on the collection of personal data.

FORBES: France, Google And The Internet Tax: It's Just Not Going To Fly

Andre Gonzalez de Savage, cabinet member for infrastructure at Northamptonshire County Council said the campaign to improve the A14 road was a fiscal challenge for local authorities.

BBC: A14 at rush-hour

But in a lot of smaller cities those measures were never as strict as Beijings because local authorities wanted to protect the property market to ensure fiscal revenues.

FORBES: China Housing Bubble Cools, But Prices Still Higher

If that were to be the case, Mr Greenspan suggested that the authorities might have to go beyond the conventional ways of stimulating the economy through monetary policy and fiscal policy (such as Mr Bush's stimulus package) and also look at further improving America's economic flexibility.

ECONOMIST: More discipline needed | The