If politicians themselves participate in the taxpayer identification system, bureaucrats forgo some of the power that excessive regulation affords them and businesses give up some of their special tax benefits, the Abe government may yet fulfill its promise and build a thriving economy.
Europe's leaders must recognize that the eurozone, as currently constituted, is larger than Europe's optimal currency area. Some member countries — certainly Greece, and probably Italy and Spain — need an independent monetary policy.
Prime Minister Shinzo Abe has unveiled the so-called third arrow of what has come to be known as Abenomics. It involves the removal of obstacles to growth for business, particularly the easing of regulatory barriers. Expect some officials to resist this initiative.