Indeed, continued support for nominal growth is vital to accelerate the process of balance sheet repair so that banks can smoothly transmit our monetary policy and firms and households can capitalise on it. The second is that other policies need to work alongside monetary policy in removing those disinflationary forces – for example, by governments improving the framework for resolution of non-performing loans.
  Fourth, fiscal adjustment should rely primarily on a rationalisation of expenditure. Revenue must be increased by reducing tax evasion and broadening the tax base to make possible the necessary lowering of tax rates and the tax burden in the future.