The relative stance of stabilisation policies will differ across countries depending on cyclical positions. But the sign of the effect on global demand needs to be positive. Similarly, structural policies that aim at raising participation and productivity may take different forms in different places, but they need to achieve the same outcome, which is to increase long-term growth rates and raise equilibrium interest rates.
Most of the permanent policy changes undertaken by the Reserve Bank have related to liquidity: requiring banks to better protect themselves against liquidity shocks; and recognising a somewhat broader role for the Reserve Bank in supporting financial system liquidity in times of stress.