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Fiscal consolidation - explained

Fiscal consolidation is a policy aiming at reducing fiscal deficit of governments. A Fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings. Fiscal consolidation requires choices to be made about how much consolidation is needed, how fast it should be implemented and which instruments should be used. Estimates of fiscal gaps suggest that substantial and sustained fiscal tightening will be needed in nearly all countries to bring debt down to prudent levels. However, given a weak global economy, implementing a large fiscal tightening could be particularly costly. Read more: http://www.oecd-ilibrary.org/economic... Read more: http://www.ehow.com/facts_7331859_fiscal consolidation_.html#ixzz2RkYKyVwp Created at http://www.b2bwhiteboard.com