Thus, there seems to be a need to step up efforts to reduce inactivity and improve the flexibility of the labour market in order to help ensure responsible wage developments and price stability. It would also seem that the Netherlands has not, as yet, been successful in increasing output growth. A “polder model” yes, a “New Economy”, no, not yet. 4.
Conclusions  To conclude, I am convinced that Economic and Monetary Union provides a great opportunity to create and maintain a large zone of price stability and economic prosperity in Europe, including a substantial reduction of unemployment. However, while price stability is a necessary condition for fully grasping the opportunities of EMU, it is not sufficient.