2  BIS central bankers’ speeches  But it is also important to ensure that national policies are complementary, so that a country’s policies, including fiscal policy, take account of the room for manoeuvre available, making the whole process more stable. In the euro area, this discipline means recognising and accepting that national economic policy-making is a matter of common interest.
In the absence of a unified centre of power, the effectiveness of the policy depends on the effectiveness of the coordination of the national policies and the fairness of the measures.