Germany can also include the decision against not using Eurobonds versus fiscal measures as a victory.
FORBES: Currencies, Credit Ratings and the Compact: Affairs of States
For the picture to get better, the stimulus from monetary and fiscal measures must take hold.
That is the target the much-trailed fiscal measures are supposed to start moving towards.
With the fiscal measures approved, the government will be able to renew its local-currency debt.
Breaking this link in the public mind between fiscal measures and supply-side overhauls is an urgent priority.
Italy, in particular, surprised its neighbours, and the financial markets, with its willingness to impose tough fiscal measures.
Later the government is due to announce tighter fiscal measures as it seeks to reassure markets and curb the deficit.
However, fiscal policy is likely to tighten as several fiscal measures expire, knocking some 2% off GDP from January onwards.
But many economists think that, to boost export growth, the government should devalue faster once its fiscal measures have been approved.
The rate is determined by financial regulations and inflation performance, which are opaque compared with more visible and often highly politicized fiscal measures.
FORBES: S&P Downgrade: Short Term, Meaningless. Long-Term, Spot On.
Some of the fiscal measures were enacted by decree by Mr de la Rua after he failed to gain support for them in Congress.
The strong growth of the Venezuelan economy is almost solely based on the oil export revenues and fiscal measures, which have further strengthened this dependency.
Rulers have invested so much political capital in the unpopular fiscal measures required for Europe's single currency that they have had nothing left over for jobs.
Portugal may be denied its next tranche of rescue money if Lisbon doesn't come up with fiscal measures that can pass muster with the country's Constitutional Court.
But it is important that the Greek government carry on with the fiscal measures and reforms that are frequently under discussion with the EU and the IMF.
If France and Germany were to agree on a huge rescue fund, would this not be an invitation to Greece and its neighbors to forego tough fiscal measures?
FORBES: Don't Hold Your Breath For A Brussels Solution To Europe's Crisis
When monetary union comes into effect, it will mean that local economic slowdowns can no longer be dealt with by local monetary policies and only in a limited way by local fiscal measures.
Investors will be digesting news from Europe this week, after an agreement on a 130 billion euro bailout was reached forcing Greece to accept unpopular fiscal measures, and private sector bondholders agreeing to larger losses.
What is beyond amazing is that the Governor and the GOP have said all along that the collective bargaining elements were specific to the fiscal measures addressed in the repair budget and, therefore, would not be separated.
Mr Darling said it was right "to do everything you can to help people get through a difficult period" but refused to be drawn on the nature or scope of any fiscal measures ahead of the Pre-Budget Report on 24 November.
Some have said a stand-off would lead to further safe-haven buying of the metal, as occurred during a protracted dispute on how to deal with other fiscal measures late in the summer of 2011 when gold ran to its record high.
FORBES: Gold Market Expected To Focus On Greece, Fiscal Cliff, Fed Speakers Next Week
If inflation continues to decline in the months ahead, as the government expects following four months of monetary and fiscal measures designed to curb credit and cash flow, then the Central Bank will likely keep the Selic rate unchanged barring any surprises in demand in the third quarter.
And that includes job creation measures, economic growth measures, and fiscal soundness measures.
These purchases would in turn aim to improve sentiment in bond markets and buy some time to allow fiscal adjustment measures to work and the eurozone to demonstrate that the fiscal compact is meaningful.
Economists have been discussing this labeling problem and have been producing meaningful fiscal gap measures that are label-invariant, for 40 years.
President Obama has put forward his American Jobs Act, a grab bag of temporary fiscal stimulus measures on both the tax and spending sides.
It added that the French government "now has less room for manoeuvre", but needed to show its "continued commitment to implementing the necessary economic and fiscal reform measures".
Tightening financial conditions, falling confidence and new fiscal austerity measures have recently led Fitch to revise down its forecast for eurozone GDP growth to just 0.4% in 2012, from 1.6% in 2011.
FORBES: Euro Crisis Will Persist And Cause Severe Market Volatility, Fitch Says
Meanwhile, the administration plans to begin to reduce the fiscal deficit in 2012 and bring it below 4% of GDP by 2014 by adopting fiscal consolidation measures and reducing the primary deficit.
Since September, the government has taken several fiscal reform measures such as allowing regular increases in state-set discounted prices of diesel and capping the number of LPG cylinders available to families at subsidized rates.
应用推荐