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Economists outside Germany agree that microeconomic reforms were necessary.
That was certainly true of the Thatcherite microeconomic reforms of the 1980s.
Its microeconomic reforms appeal less to its own voters than to business.
The chancellor said that the budget's microeconomic reforms were designed to achieve greater flexibility in capital, product and labour markets.
So macro-and microeconomic reforms must go hand in hand.A second reason is the state of the bureaucracy.
First came Margaret Thatcher's microeconomic reforms in the 1980s privatisation, deregulation and laws to restrict the trade unions.
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The benefits of microeconomic reform were always oversold.
"Rogernomics" consisted of both microeconomic reform and macroeconomic stabilisation.
Without free trade, the efficiency improvements wrought by microeconomic reform will be blunted.
During even a short visit, it's easy to see that the need for microeconomic reform is glaring.
He issued the threat that if the crossbench senators currently negotiating with the government were not up to "microeconomic reform", he would simply dump the bill.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com