In contrast to the Great Depression, however, the policy response and its impact so far allows for some cautious optimism. Experience with crises since the Great Depression suggests that this crisis, and its subsequent resolution, require measures taken both at the national and international levels.
Fiscal policy co-ordination Against this background, let’s turn to discussing economic policy co-ordination in the context of EMU, starting with the co-ordination of fiscal policies. As I have already argued, playing the fiscal violin is very difficult. By definition, it is even more difficult to prevent fifteen EU fiscal violinists to play out of tune.