"And judging what is appropriate or not appropriate for a country, I think it is important in particular in judging what is the appropriate economic policy framework, one should take into account the overall political environment and the institutional framework within which economic policy operates"
- Lucas Papademos
About this Quote
This quote by Lucas Papademos stresses the value of considering the political and also institutional atmosphere when identifying the appropriate economic policy structure for a country. He recommends that financial policy needs to not be viewed alone, but instead in the context of the political and institutional atmosphere in which it runs. This means that economic policy should be customized to the particular requirements of the nation, thinking about the political and institutional framework in which it is executed. This quote highlights the value of comprehending the political as well as institutional setting when making decisions about economic plan, as it can have a significant effect on the success of the plan. Eventually, this quote serves as a pointer that economic policy must be tailored to the specific requirements of the country, thinking about the political as well as institutional framework in which it is applied.
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