In practice, a balanced approach may be required between a medium- to long-term commitment for fiscal consolidation and the short-term flexibility in policy. Even so, the government should ensure that it will not lose sight of the importance of fiscal consolidation and that it will reinforce its medium- to long-term commitment on that front. Thank you.
BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11  12  BIS central bankers’ speeches  References Christiano, Lawrence J. and Terry J. Fitzgerald, “Price Stability: Is a Tough Central Bank Enough?”, Economic Commentary, Federal Reserve Bank of Cleveland, 2000a.