Weekly Economic Commentary | July 10, 2026
Do Fiscal Rules Work?
Rules are easy to set and hard to enforce.
Fiscal rules are popular, compliance less so.
Markets punish fiscal indiscipline faster than rules do.
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Vaibhav Tandon
Chief International Economist
Vaibhav Tandon is the Chief International Economist within the Global Risk Management division of Northern Trust. In this role, Vaibhav briefs clients and colleagues on the economy and business conditions, supports internal stress testing and capital allocation processes, and publishes the bank’s formal economic viewpoint. He publishes weekly economic commentaries and monthly global outlooks.
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