But the diffusion of technology often traces an S-shaped curve, first diffusing slowly, but then rapidly picking up speed. Once we reach the steep segment of that S-curve, it may be too late to rationalize our regulatory structure. Already the largest futures exchange in the world is no longer in the American heartland; instead, it is now in the heart of Europe.
Speaking of structural reforms, and the successful reforms carried out by the Netherlands, it seems fitting that Professor Boeri, who is known as a forceful exponent of economic liberalisation and structural reform in Europe, and in particular in his own country, will be conducting his fellowship at the Netherlands Institute for Advanced Study located in Wassenaar, where, 25 years ago, the decisive Wassenaar Agreement was signed, steering the course towards change and initiating the remarkable and substantial recovery of the Dutch economy.