Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries. ↗
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments. ↗
There's a stability and growth pact which was agreed for the eleven countries which tries to limit the size of budget deficits among the eleven countries. ↗
I believe that we should allow younger workers to contribute toward a personal account that they own, as long as it is coupled with deficit reduction measures that enhance the long-term condition of Social Security. ↗
We can have tax cuts, but when we have tax cuts and do not have a surplus, the amount of the tax cut goes straight to the bottom line, adds to the deficit, and the deficit adds to the national debt, and sooner or later, the debt has to be paid. ↗