2 Interestingly, the same report underscored the potential advantages of a single monetary policy – not a single fiscal policy – in managing asymmetric shocks.
It argued that such shocks “are more easily absorbed in a monetary union where monetary policy should adopt the stance most appropriate for the area as a whole than under the previous arrangements, which were at times shaped by domestic German policy considerations”. Also in subsequent analyses, the words “state” or “political” were more often missing than not.