The four principles of economic policy Let me quickly add that this is not simply a Canadian story. The framework that I’m talking about emerged from international discussions and has relevance for all national economies. In the 1980s, a consensus was reached among OECD countries on a set of economic policies that would provide the strongest base for sustained economic growth.
This consensus is based on four principles: trade liberalization, structural reform, fiscal prudence, and inflation control. I will spend a few minutes on each one of them, drawing on Canada’s experience in recent years. Let me begin with trade liberalization.