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.

BBC: Long-term thinking for the UK economy

But the dilemma is how to make fiscal policy more flexible, in order to take pressure off monetary policy, while still maintaining long-term discipline.

ECONOMIST: Fiscal flexibility | The

The ratings agency said the U.S. economy had numerous strengths, but political intransigence continued to raise questions over whether policy makers could work together to address long-term fiscal problems.

WSJ: Obama Urges Europe to Act Decisively