Mark Sobel: U.S. fiscal reforms vital regardless of China and Europe actions

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Mark Sobel: U.S. fiscal reforms vital regardless of China and Europe actions — U.S. urged to act on fiscal policy

Mark Sobel cautions that while international cooperation is preferable, the U.S. must prioritize getting its fiscal house in order regardless of actions taken by China and Europe.

He also stresses the importance of monitoring exchange rates, including the significant undervaluation of the RMB. Sobel recalls the mid-1980s period of imbalances and protectionism, where the need for the Plaza Accord was tied to what he describes as reckless U.S. fiscal and monetary policy decisions.

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Sobel previously highlighted China’s reliance on an undervalued currency and high savings to support its growth model. He has also warned that U.S. fiscal recklessness remains a key concern. In an earlier note, Sobel urged Washington to address the current account deficit and strengthen fiscal policy.

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