Organizations that devote time and energy to developing strategic plans must have the courage to imagine truly different futures. And the financial forecasts that should end every plan should reveal one aspect of this new tomorrow.
Moving forward, the first quarter of the 2011 fiscal year will be a true test of how far the states have come in repairing their bruised economies. For some, it's not a question of hitting rock bottom, but how to climb out of the fiscal hole once they do.
What advanced countries need is clarity of intent, an appropriate calibration of fiscal targets, and adequate structural reforms. With a little help from monetary policy, and from their (emerging market) friends.