Should the Congress try to target a better measure of the fiscal situation than the deficit as it is currently defined? Would providing the Congress with this better measure affect budget outcomes and help improve the fiscal outlook? Some have suggested moving to an accrual-based accounting system, where the deficit would better account for future obligations and revenues.
References  Dear Ladies and Gentlemen, It is a privilege and honour for me to speak here today on the occasion of the farewell of Stefan Ingves and to participate in this distinguished panel. Governor Ingves was one of my first points of contact when I joined the European Systemic Risk Board ( ESRB (Europäische Ausschuss für Systemrisiken)) more than a decade ago.