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which strengthen the long-term physical and human potential of their economies. They urge the OECD to support this effort in all possible ways, and ask for a report on the subject for their 1994 meeting;
c) exploit whatever room for manoeuvre may exist for fiscal policy,
where activity is weak, where structural deficits are on a downward track, and where inflation is durably low. Japan has recently taken important policy moves in this direction.
MICROECONOMIC POLICY PRIORITIES
9.
To enhance the efficacy of macroeconomic policies, to ensure that recovery is sustainable, and to provide continuing growth of employment over the longer term, the momentum of structural reform will be stepped up. Coherent action will be taken in a range of complementary microeconomic policies. By fostering the transfer of resources to more efficient uses, structural reform enables OECD economies to take full advantage of the opportunities for long-term growth presented by technological change and the evolving patterns of international economic activity. Complementary and mutually reinforcing action will cover in particular the following areas.
(Trade policy)
10.
Liberalisation of trade and strengthened multilateral disciplines have underpinned the development of OECD economies since the end of World War II. On the other hand, protectionism, as was amply demonstrated by the dismal
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