Roubini Topic Archive: IMF and International Economic Institutions
The day before yesterday’s draft co-chairs’ proposal from the bipartisan National Commission on Fiscal Responsibility and Reform is the latest contribution to the ongoing national debate on fiscal consolidation. The G20 finance ministers, at their pre-summit meeting, issued a Communiqué endorsing the concept of “ambitious and growth-friendly medium-term fiscal consolidation,” but gave no hint as to what such a program might actually look like. The NCFRR co-chairs’ make a good start at filling in the blanks by placing tax reform at the heart of their proposal. It is the best way forward, and really, the only way.