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Discover LudwigThe phrase "policy tools" is correct and usable in written English.
It refers to the methods or techniques used to implement a particular policy. Example: "The government's economic policy includes a variety of policy tools, such as tax incentives and subsidies, to promote growth and development."
Exact(60)
But there are other policy tools available.
Housing indicators as policy tools.
Moreover, the two policy tools have a complementary effect.
The predominant policy tools are grants and advice.
However, it appears that the search for universal policy tools is unrealistic.
And why not recognise that rebalancing cannot be delivered by orthodox economic policy tools?
That said, the authorities have the policy tools and financial buffers to manage this transition.
"Central banks are running out of policy tools; that creates a level of uncertainty.
The cable also: Highlighted what it called "A Propitious Lack of Monetary Policy Tools".
But the policy tools we have are blunt, fashioned for a different kind of crisis.
"The authorities have the policy tools and financial buffers to manage this transition," Lagarde said.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com