The need for an industrial policy in the transition: Questions and challenges

Conclusions The wide set of objectives and the employment of very diversified policy instruments gave to the industrial policy in the transitional economies, a very specific importance and responsibility for establishing a link between the macroeconomic policy and the adjustments at structural level.The policy issues analysed reveal that there is the necessity of a non-rigid and dogmatic approach, adapting the policies and tools to the rapid changes underway. The long-term perspective, in terms of strategies for new growth patterns, has to be modulated with the short-term targets, that have to face the contingent constraints: the role of the industrial policy is also that of establishing a close relation between the two moments, softening the emergence of trade-offs. The constraints, in particular financial, remain substantial and the process of adjustment cannot be without pain.In this framework the main question concerns the capacity of the government in improving its ability to establish the main outlines and to implement them efficiently: a process oflearning by doing has already started and is improving rapidly.