Monetary policy, however, is appropriately moving forward, according to the OECD towards a more neutral stance in the United States as well Europe and Japan are using forward guidance. But an integrated policy approach is needed to make the whole system work better for more people, the OECD says.

“Beyond domestic policies, on the international front, policymakers need to harness the full range of international economic cooperation tools to level the playing field to ensure that international trade is governed by fair rules that are followed, that all businesses adhere to high standards of conduct, that cross-border tax arrangements are transparent and fair, that corruption is reduced, and that labor and environmental standards are respected.”

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