[12] See Cœuré, B. (2019), “The rise of services and the transmission of monetary policy”, speech at the 21st Geneva Conference on the World Economy, 16 May. [13] See Economist (2019), “Briefing: The economic policy at the heart of Europe is creaking”, 12 September. [14] Ibid. [15] See, for example, Crouzet, N. and Eberly, J.
The ECB has emphasized that fiscal policies should support the economic recovery while remaining in full compliance with the EU’s fiscal rules. Otherwise, credibility in the fiscal framework cannot be maintained. A critical question, therefore, is whether the prevailing rules could be barriers to achieving the desired coordination of monetary and fiscal policies.