In future, there will only be a single monetary policy, on the same terms and conditions, and at the same interest rates, in all participating countries. Adjustments to differing regional trends must take place regionally and in the real economy in future. Regional competitiveness and a high degree of internal flexibility will then become crucial assets of national economic, fiscal, wage and social policies.
In many countries, the fiscal/infrastructure lever is hard to move or is stuck because of either a high level of existing public debt or difficulties in generating the political consensus about what should be done. A third potential lever is structural reforms that encourage firms to expand, invest, innovate and hire people.