Would it be desirable, therefore, to raise the trend rate of growth? Yes. Can monetary policy accomplish this worthy task? No. Can the Congress and the Administration, through judicious combination of deficit reduction and saving and investment incentives, raise trend growth (at least for a while)? Yes. Are there opportunities for monetary policy to BIS Review 48/1997  -5-  contribute to steady growth?
I would also like to acknowledge Finance Minister, Senator Mohammad Ishaq Dar, who led and coordinated the program with relentless energy and deep acumen, while providing space and support to the Central Bank to strengthen institutional credibility.