The second question is conceptually linked to the first one, as will become clear in my answer. This question is whether fiscal policy should play a more prominent role in EMU, in order to palliate the so-called asymmetric shocks in a context where monetary policy is no longer defined at the national level.
Future earnings will depend on developments in the financial markets, on the riskiness of assets, as well as on the monetary policy measures that will be adopted by the Governing Council of the ECB.