The following is a letter to the editor in response to an April 8 op-ed in The Financial Times on the possibility of countries opting to leave the eurozone.

Until recently, there was wide consensus among macroeconomists that activist fiscal policy was inadvisable.

Until recently, there was wide consensus among macroeconomists that activist fiscal policy was inadvisable.

Until recently there was wide consensus among macroeconomists that activist fiscal policy was inadvisable.

When an economic downturn hits, one of the first concerns of policymakers should be getting business investment back on track.  Investment always takes a beating when the economy sours, so supporting private investment should become a top priority.

If President Bush’s tax plan were passed without change, what impact would it have on economic well-being? How much efficiency would be gained from lower marginal rates? Would short-term stimulus from the plan be strong and immediate enough to stave off recession? And how does debt retirement fit in?...

A survey of economists would show a significant difference of opinion concerning optimal policy responses to a recession.

It would certainly be possible to stimulate the U.S. economy through a burst of demand from abroad, but in the absence of such a boost, the Federal Reserve's second big round of quantitative easing seems like the best option.