India, April 20 -- Over the past decade, economic policymaking across the world has been defined by one overriding imperative: crisis management. Governments and central banks have lurched from one emergency to another - be they pandemics, wars, inflation shocks, banking instability, commodity spikes, or supply-chain disruptions - deploying extraordinary measures to preserve stability and sustain growth.

Yet the defining challenge of the next decade may not be how governments respond to crises. It may be how they exit them.

Emergency interventions are often unavoidable. But history shows that many governments falter not in confronting crises, but in unwinding the exceptional measures introduced to tackle them. Temporary support morphs i...