For example, in Europe, there is a growing understanding that the main cause of the high unemployment rate, which has persisted for some time, is the lack of mobility in the labor markets. The solution to the problem, therefore, is considered to lie in facilitating the mobility in the labor markets so as to efficiently adjust labor market conditions.
The third common element is the growing emphasis placed on the public’s expectations regarding future developments and its confidence in economic policies. For example, the effectiveness of fiscal policy depends significantly on the public’s views on the controllability of the fiscal deficits in the future.