Latest monetary policy decisions Confronted with a more protracted weakness of the euro area economy, the persistence of prominent downside risks, and muted inflationary pressures, resulting in a continued shortfall of medium-term inflation with respect to its aim, the ECB’s Governing Council decided in September on a package of monetary policy measures to support the convergence of inflation towards its medium-term inflation aim.
But, ultimately, in the interests of the acceding countries themselves and in the interests of a successful euro, the bottom line is that all those adopting the euro must be able to live with its constraints. Hence the need for adequate preparation before adopting the euro and, indeed, joining the exchange rate mechanism. We in Ireland may have something to offer from our experience.