Three quarters of the world (in economic terms) is pursuing a road to normalisation of fiscal and monetary policy, aiming to restore fiscal balance, positive real interest rates, moderate inflation and the discontinuation of emergency measures. Japan is, understandably, the exception to the last of these measures. The road back to steady and sustainable growth often passes through austerity, as epitomised by the economic programmes of the UK and the euro zone peripherals. Canada, from where this Weekly is written, may be the Western world’s exception in not having to make the austerity detour, and its government has been duly rewarded at the polls. |
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