Donald Trump’s economic policy could eliminate up to 30% of the regulatory burden on American businesses by 2030, reducing inflation by half a point per year, said Fed board of governors member and a close associate of the US president, Stephen Miran in Athens on Wednesday.
Speaking at a special discussion organized by the Delphi Economic Forum, and coordinated by Kathimerini’s Executive Editor Alexis Papachelas, Miran referred more broadly to the importance of the reduced regulatory burden for the development of economies and cited Greece’s example of economic recovery, “which impressed the whole world,” as a development based on targeted reforms to improve competitiveness.
It “was only possible after the Greek people implemented substantial and painful reforms, including alleviating suffocating overregulation in many sectors,” he said.
Miran stated that “in addition to the other reforms embraced by Greece, deregulation freed businesses to compete domestically and internationally and promoted individuals’ access to the economy. The range of reforms has included liberalizing product and service markets, easing licensing and administrative burdens, opening previously restricted processions and increasing labor market flexibility,” he said.
Miran also noted that uncertainty in international trade has now passed its peak, after referring to the trade agreements that the US government has concluded. He was skeptical in any case of the fact that China is increasing exports to other regions of the world, such as Europe.
When asked about the risk of a sharp correction in the capital markets, he said: “it is not one of the risks that keeps me awake at night.”
Speaking at the event and introducing Miran, US Ambassador to Greece Kimberly Guilfoyle spoke of one of the best economic minds shaping the economic agenda in the US, with the greatest influence in Washington.