As far as monetary policy is concerned, it is working on excellent institutional conditions: firstly, an independent central bank, secondly, a convincing monetary strategy (which faces transitional difficulties by working in an environment of rapid change in financial markets brought about by the euro itself) and, thirdly, a comprehensive range of monetary policy instruments.
3 K. M. Yi, “Can Vertical Specialization Explain the Growth of World Trade?” Federal Reserve Bank of New York,  Staff Report no. 96, January 2000. 4 D. Trefler, “The Long and Short of the Canada–U.S. Free Trade Agreement, ” American Economic Review,  American Economic Association 94, no. 4 (September 2004): 870–895. 5 Ibid.