The pace of fiscal austerity is shown by the annual changes in the following ratios: the fiscal balance-to-GDP ratio; the primary balance-to-GDP ratio; and the ratio of structural balance -- calculated by excluding the effects of economic fluctuations from the actual fiscal balance -- to GDP.
First, we all must actively support the Doha round of talks at the World Trade Organization (WTO), recognize the legitimate role of the WTO as arbiter of international trade, and resist calls for protectionist measures in our own economies - measures that will ultimately hurt us all. Second, we all must enhance the flexibility of our domestic markets.