Other things being equal, the right institutions can curbpro-cyclical fiscal policies – tax cuts and spending hikes during booms and austerity during downturns – in the short run, while helping to deliver debt sustainability in the long run. These institutions include independent fiscal-forecasting agencies, combined with the cyclically adjusted budget targets that the eurozone’s fiscal compact mandates.
在其他条件不变的情况下，好的机构可以在短期内遏制那些以周期性为幌子的财政政策——经济繁荣时期减税并增加支出，经济低迷时期实施财政紧缩——并在长期内有助于实现债务可持续性。这些机构包括独立的财政预测机构，并与由欧元区财政契约授权的周期调整预算目标相结合。虽然即使具备这样的机制也很可能出错；但正如《稳定与增长公约》的历史表明的那样，如果没有这样的机制，出错的风险将会更高。