stabilization objectives have not been well integrated into long-term development strategies
allowing short-run issues to drive the agenda. Most of Africa's macroeconomic policies have in fact been assessed against their stabilization objectives,and while this may be understandable in a mature economy assumed to operate not far from a full- employment equilibrium in normal circumstances,it is certainly not suited for low-income countries
with large reserves
of unemployed
resources waiting to be used as productive assets.