approach 100% on average. There are various calls to abolish or soften the Maastricht rules of limiting sovereign debt. We see … the risk of a new sovereign debt crisis in this decade if it is not possible to bring public debt down to an acceptable … level. Our new fiscal rule would be suitable and appropriate for this purpose, because obviously the Maastricht criteria …

The initial government debt-to-GDP ratio and the government's commitment play a pivotal role in determining the welfare …-optimal speed of fiscal consolidation in the management of a debt crisis. Under commitment, for low or moderate initial government …. Under discretion, the cost of not being able to commit is reflected into a quick consolidation of government debt. Simple …

The American system of political economy surely faces a fiscal crisis illustrated by but not limited to a trend of … growing deficits and debt that cannot continue. What can’t continue won’t continue. In what fashion change occurs will be … governed by forthcoming interactions between power and ideology. The present crisis has been building for nearly a century, and …

union is a historic failure, beyond repair--and certainly not in the interests of Europe's working people. Building on the …"On the 25th January 2015, the Greek people voted in an election of historic importance--not just for Greece but … potentially all of Europe. The radical party Syriza was elected and austerity and the neoliberal agenda challenged. Suddenly it …

This paper describes the particular impacts of the financial and economic crisis on central and eastern European (CEE …) countries, studies pro-cyclicality of fiscal policies, discusses the impact of the crisis on fiscal policy, and the policy … increase the quality of budgeting and to increase credibility. These reforms should include fiscal responsibility laws …