▁in ▁the ▁United ▁States ▁and ▁the ▁importance ▁of ▁central ized ▁budget ▁processes ▁and ▁commit ments ▁to ▁maintain ▁fis cal ▁discipline ▁( with ▁Ian ▁H arden ). ▁Later ▁research ▁has ▁further ▁emphas ized ▁the ▁importance ▁of ▁the ▁political ▁setting ▁within ▁which ▁fis cal ▁dec isions ▁are ▁taken . ▁Stud ying ▁the ▁impact ▁of ▁fis cal ▁rules ▁in ▁the ▁European ▁Union , ▁von ▁H agen ▁( with ▁Gun tr am ▁Wol ff ) ▁finds ▁that ▁the ▁St ability ▁and ▁G row th ▁P act ▁induced ▁EU ▁govern ments ▁to ▁increase ▁their ▁use ▁of ▁cre ative ▁account ing ▁to ▁hide ▁fis cal ▁def ic its ▁through ▁stock - flow ▁adjust ments , ▁especially ▁during ▁re cess ions , ▁but ▁had ▁hardly ▁any ▁impact ▁on ▁the ▁success ▁or ▁failure ▁of ▁attempts ▁at ▁fis cal ▁cons olid ation ▁among ▁European ▁countries ▁in ▁the ▁ 1 9 9 0 s ; ▁by ▁contrast , ▁von ▁H agen , ▁Andrew ▁Hugh es ▁Halle tt ▁and ▁R olf ▁Stra uch ▁find ▁that ▁the ▁economic ▁conditions ▁within ▁which ▁fis cal ▁cons olid ations ▁were ▁begun ▁in ▁the ▁EU ▁during ▁the ▁ 1 9 9 0 s ▁had ▁a ▁strong ▁impact ▁on ▁their ▁lik elihood ▁of ▁success ▁by ▁influen cing ▁govern ments ' ▁choices ▁among ▁cons olid ation ▁strateg ies . ▁Finally , ▁research ▁by ▁von ▁H agen ▁with ▁Stra uch ▁and ▁Mark ▁Hall er berg ▁finds ▁that ▁the ▁central isation ▁of ▁budget ing ▁procedures ▁was ▁successful ▁in ▁reducing ▁public ▁deb t ▁among ▁EU ▁Member ▁States ▁by ▁adjust ing ▁the ▁flex ibility ▁of