In 1984 Lord Lawson argued that chancellors should assign distinct roles to macroeconomic and microeconomic policy.

ECONOMIST: The economy

For one thing, microeconomic policy in two of the three big economies is uncertain.

ECONOMIST: The euro��s agony, Europe��s opportunity

Simply put, Mr Brown believes, unlike Lord Lawson, that detailed microeconomic policy, calibrated by a wise chancellor, can work wonders.

ECONOMIST: The economy

And microeconomic policy ought to do more than improve productivity and employment.

ECONOMIST: The economy

Airline deregulation under Carter was a microeconomic policy.

FORBES: In the Long Run it's All Microeconomics

Under Mr Brown, they say, the Treasury gives the impression of having taken over policymaking on welfare reform from the Department of Social Security, and on microeconomic policy from the Department of Trade and Industry.

ECONOMIST: Bagehot

This also demonstrates the more coordinated nature of policy making in the (Brazilian president) Dilma Rousseff administration, as a lower neutral rate involves not only fiscal-monetary policy coordination but also microeconomic reforms.

FORBES: Brazil Heading For U.S. Style 'Free Money'