![]() The paper is intended to elicit comment on both the extent to which the views identified do indeed command a consensus and on whether they deserve to command it. ![]() In each case an attempt is made to suggest the breadth of the consensus, and in some cases I suggest ways in which I would wish to see the consensus view modified. The paper identifies and discusses 10 policy instruments about whose proper deployment Washington can muster a reasonable degree of consensus. An important purpose in doing this is to establish a baseline against which to measure the extent to which various countries have implemented the reforms being urged on them. ![]() ![]() Thus the paper aims to set out what would be regarded in Washington as constituting a desirable set of economic policy reforms. No statement about how to deal with the debt crisis in Latin America would be complete without a call for the debtors to fulfill their part of the proposed bargain by "setting their houses in order," "undertaking policy reforms," or "submitting to strong conditionality." The question posed in this paper is what such phrases mean, and especially what they are generally interpreted as meaning in Washington. ![]()
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