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Deficits must be cut, yes, but the rush to austerity risks undermining the fragile global recovery.

If there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession.

It certainly would be helpful going forward for deficit reduction efforts to focus on the medium term while not subtracting from the impetus we need to keep a fragile economy moving forward.

A temporary reduction in tax rates on individual incomes can be a powerful weapon against recession.

Our problem is not adopting reforms, which we will do without question. It is not reaching an objective, which we will meet. But it is finding an end to the recession.

But, at the same time, I think that there is room for economic stimulus in terms of accelerated depreciation to encourage businesses to invest and to grow and ultimately to hire more people again.

Every government program needs to be more efficient. Instead of pointing out how other programs can tighten their belts, every program administrator must look inward to save money.

I think 'austerity' is a much abused word. I prefer to call it 'fiscal discipline' or financial, 'financial competency.'