The single currency has also been forcing eurozone governments to embark on a programme of structural reform.
But Reagan exited office without the structural reform of monetary policy that he got with taxes.
Since then, however, there have been major achievements towards economic stabilization and structural reform.
Putin acknowledges the need for structural reform to promote investment outside the energy sector.
The Japanese patient needs both structural reform and aggressive monetary stimulus, and it needs them now.
The biggest disappointment, however, is that Mr. Chidambaram didn't set the stage for structural reform.
Even so the government needs to get more serious about deregulation and structural reform.
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Nor is this by any means the only achievement of the government's in structural reform.
Europe could the push through budgetary and structural reform against a background of global expansion.
Many recommendations for structural reform and liberalisation will scarcely be more palatable to Mr Hollande.
If China's electricity production figures have a story to tell, it is of structural reform.
Worse, structural reform and a write-off of banks' bad loans may only intensify deflationary pressures.
Mr Berlusconi's resistance to structural reform appeared to harden as the country's problems deepened.
Unlike the other two, he seems to support fiscal expansion as well as structural reform.
And of course a lot of power is needed to start the structural reform of the economy.
Competitiveness will arise as a result of adjustment and structural reform, not as a precondition of support.
Vice President Alexander Rutskoi will probably emerge as the ringleader of the Old Guard opponents of structural reform.
It would be folly for the West to provide such assistance absent structural reform in the banking system.
Three months ago investors had high hopes of Junichiro Koizumi, the incoming prime minister, who promised structural reform.
Its agenda of pressing for structural reform and corporate restructuring, commendable as it is, is outside this mandate.
Short-term pain is an inevitable concomitant of structural reform: it is not an excuse for not doing it.
But another reason is the markets' reluctance to believe that Europe has the political will for structural reform.
For Francois Hollande, it means looser fiscal and monetary policies, and a slower pace of structural reform (if any).
Though structural reform is deflationary in the short term, it is still necessary.
It does get animated on two other subjects: fiscal policy and structural reform.
Increasingly the Fund is being drawn into the area of structural reform while the Bank is getting involved in liquidity support.
It would involve making Soviet structural reform -- political, economic, military, foreign policy -- a necessary precondition to future U.S. aid.
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"We are embarking on the biggest structural reform of the welfare system that it's seen since it was invented, " he explained.
The euro, moreover, is no substitute for substantial tax and structural reform.
That is why the pace of structural reform has been so disappointing.
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