It is remarkably similar when we move to the macroeconomic front. As we discussed earlier, monetary policy has an important role, among other things, in guiding financial markets and facilitating the conditions for internal and external balance.
But attempts, say, to reduce interest rates to stimulate economic growth won’t succeed if for example, heavy public sector borrowing puts upward pressure on interest rates (the fiscal side) or if private 6  businesses are unwilling to take up credit as they are discouraged from pursuing export or other opportunities by too much red tape (the structural side).