In the face of ongoing financial innovations, V is not constant, and the link between money and prices, even in the long run, is not as precise. 6  In a strict gold standard, there is not opportunity for discretionary monetary policy.
Again, let me stress that adopting effective structural reforms is not an easy task, it needs much determination and constant explanation on the part of governments, parliaments and social partners, in order to convince the citizens that structural reforms are good for growth and job creation.