by Roger Koppl
Institute of Economic Affairs
August 27, 2014
In order to restore and maintain confidence, we need an economic constitution. This constitution needs three elements. Firstly, there must be long-term fiscal discipline: investors must know that they can plan for the long term without either taxation or borrowing getting out of hand. Secondly, the role of Big Players must be reduced. Finally, we need monetary competition and regulatory competition. Regulation should not be the responsibility of state bodies with considerable discretionary power.



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