fiscal balance in Japanese
I would, however, dare to disagree strictly with attempts to achieve fiscal balance by means of mechanically reducing expenditure.
Indeed, the improvement of fiscal balances in the medium term contributes to meeting the long-term sustainability implications.
Of course, we should first of all be speaking about fiscal balance.
I am a strong supporter of fiscal balance throughout the cycle.
The prevention side includes mechanisms such as an annual review of fiscal balances, early warning mechanisms from the European Commission and prevention recommendations to address minor imbalances.
But key steps can and should be taken: restoration of fiscal balance in well-communicated plans, commitment to central bank autonomy and low inflation, and striking a thoughtful balance between under- and over-regulation of the financial sector.
Countries can reduce their national debt by narrowing the budget deficit or achieving a primary surplus (the fiscal balance minus interest payments on outstanding debt).
The 2004 social sector budget was set on the basis of the gross domestic product, with some 20 per cent earmarked for central government, so that fiscal balance can be sought in the medium term, eliminating the perennial shakiness of the public finances.