“The rule which is the best in terms of running a fiscal policy is: first, to be careful that the level of deficits in the mid-long term is in line with the Stability and Growth Pact; that the fiscal strategy is sustainable and inspire confidence. Second: to go to this position you need to reduce public expenditure.
And third, if it is not enough, you have to increase taxes. Only in the case your reduction of spending is big enough to give you additional room you can embark on tax reductions. There is no other way to proceed.