By Giovanni Magnifico (auth.)
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I. would seem to depend inter alia on historical and social factors, on the system of industrial relations and the militancy of trade unions, on the structure of industry and its regional deployment, as well as on the building into the general public psychology of expectations of inflation or price stability generated by demand-management policies, which in the past mayor may not have aimed consistently at guaranteeing the full-employment level of monetary demand, with little regard to changes in external competitiveness and payments balance.
82). The foregoing argument points to the advantages of a regionally differentiated policy of demand management. Such a policy conceived and implemented at the European level would help to raise the overall rate of growth in the Community and fight inflation, which is bedevilling governments in their pursuit of expansion. It would afford an escape from the trade-off mechanism implied by the Phillips curve, or at least bring about a shift of that curve by improving the terms of the trade-off (a result which some governments and some economists also expect from incomes policy).
Measures taken in order to deal with changes in 'general business conditions', that is, with the business cycle over time, tend to disregard changes through space. Because in the arrangement proposed here the Community policy for the low-activity regions would constitute a policy in its own right, it is more appropriate - if 'regional' is to be retained - to think and speak in terms of twin regional policies. They would be placed on an equal footing, and possible conflicts between them would not be settled by having the same one usually yield to the 'general' needs of the other.