The conditions for high and stable growth and employment

In Britain, Europe and the international community the same lessons are being learned. We know that in a global marketplace with its increased insecurities and often its volatility, national economic stability is at a premium - The precondition for all we can achieve. No nation can secure high levels of sustainable investment without both monetary and fiscal stability together. Stability is the necessary precondition for all we do, but it is not sufficient. Microeconomic and supply side reform is also essential. We must build a new consensus, with a new and broader emphasis on the conditions for high and stable levels of growth and employment, ensuring countries have in place the macroeconomic, financial, structural and social policies for long-term success in the global economy. And we are committed to an active leadership role, whether the issue is new competitive markets at home; new and essential reforms in Europe; or a new strategy at the IMF and World Bank to secure international financial stability and reduce Third World poverty. Increased global competition and ever more rapid technological change means that, not since Bretton Woods and the time of Keynes has a generation had so broad a challenge in the global economy - and so profound a responsibility. It is a major challenge for the economics profession as a whole. Government and academic economists, working together and learning from each other, have a decisive role to play. Government and academic economists, working together and learning from each other, have a decisive role to play. Working in partnership, we can and must build a global stability and prosperity that will deliver high and sustainable levels of growth and employment for all.