New report by the European Commission on Public Finances.
Startling discovery. The word “consolidation” or “consolidate” appears 222 times. There is also a definition for it:
Fiscal consolidation: An improvement in the budget balance through measures of discretionary fiscal policy , either specified by the amount of the improvement or the period over which the improvement continues.
I propose to you a new definition, hoping the EC will endorse it in its next report.
Fiscal success: An improvement in economic growth through measures of discretionary
fiscal policy , either specified by the amount of the improvement or the period over which the improvement continues.