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hard times appear without jeopardising its fiscal and macroeconomic stability and being consistent with the target of growth and employment in the long run.

New Zealand is an example of how fiscal rectitude can help to reverse economic decline.  It shows that economic growth and fiscal consolidation do not necessarily clash.  New Zealand's example of publishing fiscal targets reduces political interference into the economic management and improves government's credibility (see also question 2).  Its experience has influenced many other countries, but each country is different and one must be careful before recommending the transplant of one country's fiscal policies to another.  But few countries could fail to learn something useful from this most radical experiment in refashioning economic policy.

31/07/97

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