Clearly, the task is to increase the incentive to consolidate in the good times in order to avoid easing fiscal policy as seen in Germany and France in 2001 and 2002. Introduction of exceptions for certain expenses, such as investments, will add to the already significant technical calculation problems. Moreover, not all investments are equally appropriate for strengthening the future potential for growth.
While the proposal on tradable deficit permits is interesting, it may be difficult to put into operation. 1/1