It really takes long to create a durable recovery from the crisis, but there is a Marathon ahead of us to build a long-term sustainable growth path for the developed world /Chris Giles, FT, 28 May 2021/.
There are a couple of hidden hurdles for all developed economies.
Firstly, the overwhelming influence of traditional monopolies in the western world. In the energy sector, in the banking sector, in the car industry and in many more economic areas monopolies in the business sector forged long and deep partnerships with monopolistic political structures. It means a permanent quid pro quo.
Secondly, outdated tax systems. In all developed economies taxation has a socialist/communist character, most likely trying to mix capitalism with misguided fairness and a pinch of remorse.
Thirdly, it is not supply-side policies or demand, but the continuous flow of disruptive structural changes that creates stronger competitiveness and higher productivity.
Deep-seated failures of the system stem from the lack of these structural reforms and vice versa.
Governor Matolcsy, MNB, the Central Bank of Hungary