Although it is, theoretically speaking, possible to share the burden of adjustment between both fiscal and monetary policies, in the case of EMU it was decided that monetary policies should be first and foremost aimed at achieving price stability.
In addition, the European Central Bank is obliged to support the general economic policies of the Community, but this task is clearly of secondary nature, since it is stated in the EC Treaty that the ECB shall do so ‘without prejudice to the objective of price stability’. In practice, therefore, the burden of adjustment will fall on budgetary policies.