• In the light of the European sovereign debt crisis and persistent sustainability concerns, it is more important ever to make a credible commitment to stability-oriented fiscal policies. This is a necessary condition for fiscal policy to be in a position to support and complement he ECB’s monetary policy. So is the establishment of IFC a panacea? Should their role be enhanced or remain just advisory, acting as watchdogs, with certain limits? And how can we guarantee their independence when they depend on government funding?
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