1. Of course there must be some "co-ordination" of budgetary policy but national governments will insist on political discretion.

2. Budgetary policy that produces a deficit and a resulting government borrowing requirement. It can be the direct result of positive government action or failure to control spending.

3. That Administration will need to control interest rates, exchange rates and budgetary policy.

4. The field of economic policy is very wide and can not be reduced to budgetary policy.

5. Germany, the EU's biggest country, has both the heft and the money to loosen budgetary policy. Yet the government's recent boost, amounting to just 0.25% of GDP, hardly suggested urgency.

6. This means that countries whose debt exceeds more than 100 per cent of GDP should follow different budgetary policy rules from countries with sustainable debt levels.