The long and winding road of European integration is accurately described by Siebert and Koop (1993, p. 1)1 as follows: “The road Western Europe took from the end of World War II to its current state has been one with lots of steep and sometimes blind curves, with harsh speed limits and frequent detours.
This is especially so given that monetary policy is a repeat game, that is we can reassess our policy stance on a regular basis. 4  At the end of the beginning… Globally, monetary and fiscal policy responses, and financial stability policies, are working collaboratively to provide economic support.