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SIJMMARY ANO CONCUJS TONS

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fragreentatlon of dlffarant. poi 1 dfts . On ona sidft t.hftrft was t.he set. of budgetary and mona tary poi 1 cl es; on t.ha ot hor onft t.he remalnlng poi 1c1as , ahova all 1ndu.st.rial and lahonr polldas, which t.ook tha form of r e m a d i a 1 neasures.

All t.hftsa negat.1va feed-haoks cont.r1hut.ad to make mora rigid o u r econonic sys taras and rasult.ad in a ralnforcament. of t.ha n e g a 1.1 v a International Int.ardapandence.

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Frora o Tir analysls ahove of t.ha currant. s1t.uat.ion, soma import.ant policy 1mpl ioat.iona fol Iow; t.hay ara based on tha naad to taka a naw approach to policy. We have d e v o t. a d chapter TV to develop t.hasa implicatlona and what wa regard as a coharant. sat. of proposals and Indlcatlons. Wa raproduca hara a sact.1onofthatchapt.ar.

(1)    Tha raaln policy implications ara t.ha fol 1 owlng onas: labo u r p o 1 1 o i e s , and in partie u lar tha yout.h unamployraent. polldas which have haan widaly adopt.ad hy F.F.C connt.rias, cannot. hut. ba fundoiant.nl ly lise.less, sińca nona of t.hem is approprl ata to daal wit.h tha sat. of prohlams which hava haan -in itsalf and wlt.hin t.ha prasent. cont.ext. - out.l i nad. Soma of tha lahonr polldas co u ld result. as usaful , hut. only wlt.hin t.ha f ram a work of an ent.lrely diffarant. setup.

(2)    No policy, 1f Tindart.akan hy a singla country w 11. h o u t.

coordination wit.h t.ha ot.her connact.ad onas, could obt.ain any relevant. result. . Tha ma1n difflcult.y, howevar, is t.o pnsh connt.rias t.o col lahorat.e and t.o coordinata thamsal ves. Ra causa of t h 1 s,    1t. is ha t. tar avan avo1d1ng t. o at.tempt very w1da

Intar-conn trias agreeraents, and to saarch for effeot. 1ve agreemants among a limit.ed nura ber of connt.rias, at. laast. at. t.ha beginning. Tha ideał t.argat. wnuld ba t.o raach suitahle agraamant.s among FFC co u n trias; hut avan a mora 1 1 m 1 t. e d coallt.ion could const.1 tut.e a goori start. 1 ng point.

(3)    Tha most Import ant. t.argat. 1s to aatahl 1ah a cl ima te of cradibilit.y a bont t.ha nndert.aken policy arrangeraent. s. This , In tnrn, 1ra p11e s

(1) that. t.ha agraad fitrnctnra of International coordination ba credible; In order t.o have t.hls, 1t. should ba het.t.ar t.o root. raost. of t.ha connt.rias' hahaviours to clearly ast.ablishad automat 1 c rules, t.hat. should ha ast.ablishad t.hrough nat.ional laws hafore inplenent. Ing t.ha discret. ionary part.s of raacro axpansiva po 11d as ;

(II)    t.hat. t.ha pursued axpans1on should ha moderat.e and gra dna 1 ;

(III)    t.hat.    t.ha    pursued    axpans1on    should    most.ly ha

annonnead In    raal t. arras,    t.hat is,    should    ba opanly