Many of these have overlap with regulatory regime which has also displayed significant progress. The second dimension relates to structural and external environment or exogenous aspects, and these can be tackled only with a paradigm shift in public policy addressed to ownership, form of organization,  2  BIS Review 3/2002  regulation and competition.
That discipline severely limited the authorities' room to manoeuvre. The notion that countries, acting through their central banks, might actually try to stabilize macroeconomic activity within their borders is a relatively new one.