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„MEGA INTREURBVRIEIKWA
Small countries like
Macedonia or even Poland
cannot do anything about
China or United States or
Germany. This is given, so let
us focus on our countries
responsibility of the respective countries have contributed to lowering economic
for their economic situation. growth but has stimulated the stock
exchange and the bubbles, especially
Today, one of the hot topics in the in China. It is very interesting to watch
economic circles is the issue of the fiscal what will happen in China. So, I think
policy stance. Should authorities increase there is a big problem of how to exit this
the budget expenditures, mostly financed situation which resulted from long term
by monetary easing, or should they run easy money policy.
a strict fiscal policy? Is this a real or
artificial topic for debate? What is your I am under the impression that
view? the global economy entered a period of
serious, deep-rooted turbulence that is
L. Balcerowicz: Well, I think that still present. This is not the economy
central banks, starting with Japan, and we remember from fifteen years ago.
then the United States, entered a very What are the fundamental causes of
dangerous path and continued what is this turbulence:loose fiscal policies and
called unconventional monetary policy. It irresponsible fiscal spending world-wide
has two components, interest rates which that caused an explosion of the public
are close to zero, and kept for six, seven debt, the financial markets being out of a
years, and massive money printing. This real control, or something else?
was done in order to stimulate economic
growth. I think it largely failed. It may L. Balcerowicz: First of all, the first
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