We Are Not Alone — How Others Have Coped

Abstract

Countries generating large public budget deficits with increasing levels of public debt implement policies which are described as ‘fiscal consolidations’. There are international examples worth looking at for help in achieving fiscal consolidation. However, one has to be focussed. Over history there are lots of examples of such consolidations but many occurred so long ago as to have little relevance to the current situation. Also many will have taken place in developing countries which again will have little or no relevance to the UK and developed countries.