Structural policy: necessary yet difficult

Synergy with monetary and fiscal policies  Positive impact on potential growth  A slower pace of reforms lately The world economy is cooling so the heat is on about what should be done. The closing statement of the G20 meeting in Shanghai has brought soothing words (“recent market volatility does not reflect the underlying fundamentals”, which is a fair point) and a number of welcome commitments. There is a list of ‘don’ts’: no to competitive devaluation and to protectionism, no to
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