In the past years of crisis, monetary policy has bought time for the decisions in other spheres of policy  5  See Locarno, A., A. Notarpietro, and M. Pisani, “Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment”, Banca d’Italia, Temi di Discussione (Working Papers) 943, 2013).
However, it would mean an overburdening of monetary policy if the responsibility for non-inflationary growth and for the single currency were left to that policy field alone. So what can other policy areas do in support of these joint responsibilities?