The April 1993 Declaration by the IMF Interim Committee on a cooperative effort to strengthen global activity called on the industrial countries to adhere to a strategy of low inflation, deficit reduction, and structural reform to reduce unemployment (see the May 1993 World Economic Outlook, p. x). Similar medium-term objectives have been pursued by most countries at least since the early 1980s. However, although substantial progress has been made during the past decade in reducing inflation, little, if any, progress has been made in tackling fiscal imbalances or unemployment.