New Times,
New Thinking.

  1. Politics
  2. The Staggers
30 March 2020updated 12 Oct 2023 11:23am

Want to understand fiscal rules? Start with the Iliad

Finance ministers are trying to balance the attraction of the Sirens against the fear of rocks. 

By Tony Yates

The classic story told to illustrate the problem of establishing fiscal credibility is the one of Odysseus and the Sirens in Homer’s Iliad. This analogy was minted by a previous generation operating with the sexual politics of its age.

The Sirens were mythological creatures, half bird, half woman, who tempted sailors away from their naval duties with song and then killed them, instigating an enduring misogynist cultural tradition of demonising female sexuality. Circe warns Odysseus before a voyage during which he would journey within earshot:

Subscribe to The New Statesman today from only £8.99 per month
Content from our partners
Wayne Robertson: "The science is clear on the need for carbon capture"
An old Rioja, a simple Claret,and a Burgundy far too nice to put in risotto
Antimicrobial Resistance: Why urgent action is needed