EN
Financial crisis clearly revealed that the classical view of fiscal policy as pertaining to States' sovereignty, and as such free from external ingeration, cannot be upheld. Faced with fiscal troubles of GIIPS economies, both borrowers and lenders have beenaccused of shortsightedness and political irresponsibility. Common interests of States bound with ever closer financial ties allows, however, certain optimism that the UNCTAD principles on responsible bollowing and lending may be commonly adopted and executed. That would constitute a major breakthrough in the area largely outside of public international law regulation.