macro-economic policy co-ordination to avoid divergent and internationally inconsistent patterns of current account imbalances. This is not a rhetorical plea for co-ordination for the sake of co-ordination. Monetary policies and fiscal balances simply must be harmonized for sustained growth and reduction of unemployment in the world economy. The United States economy will slow down from a growth of 6.8 per cent growth to around half that rate in 1985. The slow-down in the United States economy evidently makes it all the more necessary that other countries explore all possibilities of accelerating non-inflationary growth. This applies in particular to countries which have room for fiscal expansion. The role of enhanced and even-handed multilateral surveillance is crucial in this regard. Major countries ought to be more aware of the international repercussions of their domestic policies, which have to be submitted to systematic discussion in multilateral fora, despite all the well-known political difficulties of transforming discussions into changing policies, as so well exemplified in the field of international trade. 90. Second, there is a need to move towards a more stable international financial intermediation system, broadly seen to encompass not only private international banks but also the international financial institutions and the official aid programmes. In the present system the expansion or contraction of international liquidity is largely determined by decentralized private market operations and is not under the official control of any international body or group of Governments, as exemplified by the sudden and abrupt fall in international bank lending. While Governments do not have control over that process, they do have some measure of control over official bilateral and multilateral lending, the prospects for which are not at all reassuring given the policy attitudes in some major countries. 91. The third area concerns policies for structural adjustment in the borrowing 
**Analysis**
The text discusses macro-economic policy coordination, international financial intermediation, and structural adjustment policies, highlighting the need for harmonization and stability in the global economy to achieve sustained growth and reduce unemployment. The language used suggests a focus on the global economy, international relations, and economic governance, rather than specific sectors or areas of human activity.

**Category**
International trade, Economic development