Enhancing Macroeconomic and Regulatory Settings
72. Continued effort at improving our macroeconomic and regulatory setting will be necessary to encourage investment in higher value products and activities. Sound monetary and fiscal management, as evidenced in price stability and budget surpluses and debt reductions, gives business the confidence to invest in the knowledge that external conditions impacting on their business decisions are not likely to change dramatically. Regulation and regulatory frameworks likewise play a critical role in shaping the business environment in which economic activity takes place. It is important that regulatory frameworks are able to address the changing needs of society and the economy, without unnecessarily constraining business growth, productivity and innovation. Work aimed at enhancing our macroeconomic and regulatory settings (e.g. the Quality Regulation Review and the FEC inquiry into monetary policy) has been initiated and is ongoing.
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