Renormalizing Policies (Cottarelli and Vi

Carlo Cottarelli and Jose Viñas published the note "A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies". This note showed that the fiscal challenge is daunting for advanced economies: health and pension entitlement reforms, cuts in the ratio between other spending and GDP, and tax increases will be necessary. see: http://www.imf.org/external/pubs/ft/spn/2009/spn0922.pdf