Others such as Japan and those in the Euro area still have some distance to travel in restructuring their economies and regaining fiscal sustainability. Notwithstanding the fallout from the global financial crisis, we should acknowledge that the world has still seen some milestones of major progress.
The policies that are most responsible are those that allow free markets to work without undue  3  BIS Review 25/1999  intervention from governmental authorities. We have learned that governmental influence in private sector borrowing and investing decisions is to be avoided.