So we must plan accordingly. In terms of potential risks and sudden developments, the best approach is to constantly ask ourselves what steps we can take to make our economy and domestic markets more flexible and thus better able to adapt. And we need to recognize that the pursuit of such an approach is a shared responsibility among firms, workers, and policy-makers.
Firms and their workers need to be able to respond quickly to technological advances and to various shocks that require significant changes in the way they conduct business, the type of goods and services they produce, and the markets they choose to develop. A well-functioning market-based economy and clear relative price signals are critical in this context.