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the stability pact has guided the fiscal policies of most countries. It's not a constraining mechanism, but the shaming and naming part of it does work to push countries towards somewhat better budgetary discipline. Half the European countries had budget surpluses at the top of the boom, which is quite good.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Fri Feb 12th, 2010 at 02:51:23 PM EST
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