To maximize their effectiveness, fiscal actions should not affect the longer term sustainability of public finances, in order to avoid the expectations of higher future taxes; moreover, the stimulus has to be directed where its impact is strongest and fastest. In the current circumstances, the size and quality of international coordination is crucial.
Such comments may sound out of place today. Times are good, and almost everyone seems quite satisfied with the current deposit insurance system. But good times may be precisely when we should develop ideas for an even more effective system.