Consistent with his general view about centralised institutions he did, however, at the time of the Maastricht Treaty foresee the euro as something which would restrain the dominance of the largest economy. (Perhaps this reminds us that not all of his long-term forecasts have worked out as expected.)
(ii) Although populations and governments were eager for economic growth, there was widespread restraint in economic behaviour. The privations endured during the Depression and the War meant that as incomes rose, a high proportion was saved. Inflationary expectations too had been conditioned by decades of nearly zero inflation, which showed up in modest pricing and wage setting behaviour for much of the period.