But the American people once again proved to be up to the challenge, and signs of economic recovery are increasing. At the Federal Reserve, we stand ready to do what is necessary to maintain financial stability, as we did on September 11, and to maintain a monetary policy stance that will foster price stability and promote maximum sustainable growth in output.
To address this question, let us first look at the history of economic policies and reforms pursued by different political parties who come to power in the 1990s and at their party manifestos to gain some insight into the future direction of policies.