Experience shows that if financial markets are uncertain about the future soundness of fiscal policy, at some stage long term interest rates are likely to increase. This tends to exert a negative impact on private investment and physical capital formation. Ultimately, unsound fiscal policies reduce production, output suffers a permanent loss and consumption possibilities are diminished in the long run.
BIS central bankers’ speeches  1  integrated with banks’ own management software, will foster innovation in several ways, from integrating the collection process to rationalizing accounting procedures. There will be significant advantages for small firms as well.