I believe there should be more public awareness that insufficient attention of wage setting to current and expected productivity developments makes any correction to previous losses of competitiveness more painful in terms of output and employment losses. 4.
It is important to design social policies so as to permit market mechanisms to function effectively. As to the agreed actions to implement the G-20 Accord for Sustained Growth, the Finance Ministers and Central Bank Governors adopted the reform agenda that translates our G-20 Accord for Sustained Growth into concrete policy measures for our countries.