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By Martin Wolf
Published: June 22 2010 21:00 | Last updated: June 22 2010 21:00
Festina lente "“ hurry slowly "“ is advice we have inherited from the ancient Romans. Western policymakers should now take it to heart. Confronted with huge fiscal deficits, many have concluded that they should hurry fiscal tightening on as fast as possible, in the hope that it will prove expansionary. What are the chances that they will be right? Small, I believe. Moreover, rather better alternatives are on offer. But their drawback is that they are unorthodox: alas, many "sound" people prefer orthodox recessions to unorthodox recoveries.
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