# In an op-ed, Prof. Michael Spence reflects on worldwide economic policy and growth

1 Faculty News September 19, 2013 ![Project Syndicate logo](/sites/default/files/styles/246w/public/assets/images/con_030500.jpg?itok=ONV7lJ6H)>

Excerpt from [Project Syndicate](http://www.project-syndicate.org/commentary/the-growing-challenge-of-policy-externalities-by-michael-spence) -- "We are in the process of learning how to manage growing policy interdependence without much policy coordination. The challenge is to identify policy circuit breakers that have relatively high benefit/cost ratios. Time and experience will help – that is, so long as high volatility does not destabilize many economies in the interim."

[Read more](http://www.project-syndicate.org/commentary/the-growing-challenge-of-policy-externalities-by-michael-spence)