Over the next several years – the medium term – all countries should implement difficult-to-reverse fiscal consolidation, which would persuade the private sector that a gradual or delayed adjustment, primarily on the spending side of the budget, will occur. Successful consolidation generally relies on spending cuts rather than tax increases – indeed, at a ratio of five or six to one.
在未来几年中——即中期——所有国家都必须实施难以逆转的财政整合，这将让私人部门相信，渐近和被推迟的调整（主要是预算的支出方面）最终将发生。总的来说，成功的整合需依靠支出削减，而不是税收增加——事实上，这两个方面的权重应该是五比一或六比一。20世纪80年代和90年代，美国削减了相当于5%GDP的支出，在保证增长强劲的同时实现了预算平衡。加拿大在过去20年中削减了相当于8%GDP，也获得了相同的繁荣。