Uncertainty about growth in the short term is very considerable: Governments should have created new leeway for counter-cyclical policies

For a number of reasons ( protectionism , uncertain effects of the unemployment rate returning to the structural unemployment rate, high debt levels , uncertaint y about monetary policies ) , uncertainty about growth in the short term in OECD countries is considerable . In this configuration, it would have been prudent for governments to create new leeway for counter-cyclical policies (fiscal, monetary), in order to be able to act if growth in the OECD slowed down sharply. Unfortunately, that has not been the case.