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?
