Abstract
The achievement of simultaneous internal and external balance is the prime task of macroeconomic policy in most countries. In some countries there may not be a conflict between the achievement of internal balance and balance-of-payments equilibrium. Circumstances may be such that the goals of full employment and a satisfactory growth rate can be achieved without a balance-of-payment s deficit emerging. In many countries, however, the potential conflict between internal and external balance, which was discussed in Chapter 2, materialises frequently. In the United Kingdom the conflict between balance-of-payments equilibrium and faster growth has been acute since the Second World War, and in recent years the achievement of full employment has also become problematical.
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