BIS central bankers’ speeches  1  Committee’s objective was to achieve a substantial improvement in the outlook for the labor market, and as progress toward this goal has materialized, we have reduced our pace of asset purchases and expect to complete this program in October.
For national governments, however, they typically generated more budgetary gimmicks than real cutbacks because the limits have not adjusted to the sources of fiscal shock. In a political setting, inflexible deficit limits are likely to lead more to avoidance than to real changes. Controls on legislative action A third approach involves tighter controls on legislative action.