I am here in fulfillment of a promise made to Mrs Isher Ahluwalia some time back to make a presentation at this prestigious institute. Needless to say it is a privilege to be here; and I am thankful to the organizers for giving me freedom to choose the subject of the day. My fascination for this subject is only about four yours old.
Thus, a successful implementation of structural reform can ultimately result in strengthened buffers in other areas of policy as, for instance, an expanding productive capacity may offset the potentially adverse impact of restrictive fiscal and monetary policies on economic activity; increased competition and efficiency resulting from structural reform alleviate inflationary pressures; and possibly higher fiscal revenues in a context of faster economic growth, both  8  See García-Cicco, Javier, Markus Kirchner, Julio Carrillo, Diego Rodríguez, Fernando Pérez, Rocío Gondo, Carlos Montoro and Roberto Chang (2017): “Financial and Real Shocks and the Effectiveness of Monetary and Macroprudential Policies in Latin American Countries”, BIS Working Paper No.