The biggest disappointment, however, is that Mr. Chidambaram didn't set the stage for structural reform.

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By 1996, when the macroeconomic indicators were looking sturdily healthy, Mr Mubarak appointed a new prime minister, Kamal Ganzouri, and embarked on the next stage of structural reform: privatisation and deregulation.

ECONOMIST: Slow, quick, quick, slow are the dance-steps of reform

The first stage is the structural assembly where the sections are fitted, including the landing gear.

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In the second stage, consolidation, structural changes such as the formation and destruction of connections between nerve cells take place.

ECONOMIST: Memory and emotion: Thanks for no memory | The

In several countries, fiscal and structural reforms are still at a fragile stage.

ECONOMIST: Charlemagne