As a result, Brazil has adopted a policy to keep local interest rates high to offset a very lax fiscal stance.
On the fiscal policy side, there was no attempt to make an aggressive fiscal stance in one blow get the economy going.
And, though markets generally like fiscal discipline, larger budget deficits are more forgiveable than having the wrong fiscal stance for the circumstances.
Slower core inflation has allowed the Reserve Bank of India to begin easing monetary policy, despite its objection to the fiscal stance.
The fiscal stance is broadly unchanged from that in April's budget.
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So Treasury officials stress that relative to both last year's budget and November's pre-budget report, the fiscal stance has tightened for the next two years, the period the Bank looks at most closely when considering the outlook for inflation.
Euro land is sputtering because its anti-Keynesian fiscal and monetary stance is uncalled for and counterproductive.
In Labour's first term, when the public finances were awash in surpluses, neither of Mr Brown's rules offered much guidance on the appropriate stance of fiscal policy.
While these is ongoing uncertainty about the stance of fiscal policy, the FOMC has gone to great lengths in a short time to alter its policy framework completely.
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Critics of Brazil's stance reckon that even the fiscal pain will not save the real.
And Mr Noda is deeply concerned about Japan's fiscal health, not flinching from his bold but controversial stance in favour of higher taxes.
But Obama said any deal should include more revenue from ending some tax breaks -- a stance that inflamed Republicans who already had to swallow a tax increase for top earners in the fiscal cliff deal.
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