PFM Board

The Performance Dimensions in Budget => What makes a budget credible? => Topic started by: STONE on July 21, 2015, 21:58:10 GMT

Title: Stable, Sustainable and Time
Post by: STONE on July 21, 2015, 21:58:10 GMT

Perusing Leinert and Fainbiom's Technical Note/Manual on Reforming Budget System Laws as I do (what else are July evenings for?) and I came across these words "aims of a well-functioning public financial management (PFM) system: (i) attaining short-term macro fiscal stability and medium-term fiscal sustainability" and I thought in the context of recent stuff about fiscal turmoil that it might be better as  "medium-term fiscal stability and long-term fiscal sustainability and do-whatever-seems-best in the short term.  I guess it also depends on what one means by the various 'terms': short term - one year; medium term up - to three years and long term - three plus years?

Title: Re: Stable, Sustainable and Time
Post by: harnett on August 01, 2015, 23:30:12 GMT

"do whatever seems best in the short term".... mmm.  Eva Joly might have a view on that.. http://www.bbc.co.uk/programmes/b04dm116