The EMCP contained a set of macroeconomic convergence criteria which member countries were expected to observe prior to the emergence of the monetary union. By 1999 however, it was generally observed that the pace of implementation of the EMCP, especially the establishment of the single monetary zone, had not matched the expectations of the founding fathers.
Without the public’s understanding of policymaking in normal times, trying to pursue a commitment to looser-than-normal policy may send the wrong signal. For example, if the public hears that the policy rate will be lower for longer, it may interpret the message as policymakers saying that they expect the economy to be weaker for longer.