As during the transformation process in eastern Europe, policy makers need to win people’s hearts and minds for these reforms. We must learn to think [and argue] in terms of gains rather than in terms of losses. In this respect, policy makers in the EU countries can learn a thing or two from the transformation countries.
For a discussion of the elements that motivated the launch of the review and a summary of the key changes that were introduced, see Clarida (2020, 2021) and Powell (2020). 8 Of course, data for December 2022 employment and 2022:Q4 GDP and PCE inflation will not be released until January 2023.