Such a rule would probably serve more effectively as an operational fiscal policy guide than the current rule that is based on the structural fiscal balance. The so-called automatic stabilizers, such as increased expenditure through unemployment insurance in an economic recession, are important mechanisms of economic adjustment in the Eurozone countries. The expenditure rule would not prevent the operation of automatic stabilizers.
This “reserve tank”, however, can only be a supplement to raising the quotas, and by no means a substitute. Germany is prepared to notify its consent to the NAB. Similarly, we are prepared to ratify the special one-time allocation of SDR. VIII The activities of the IMF and the World Bank complement each other. They are not competing organizations.