At the same time, requirements on fiscal and other macroeconomic policies should be more ambitious. To ensure that none of the euro area members are left behind, they have to bring national policies in line with membership of a currency union.
Conclusion: mechanism of monetary policy I have explained several issues related to the forthcoming comprehensive assessment. The ones I have mentioned here are just some of the issues to be analyzed toward the next MPM. The Policy Board members will have an in-depth discussion at the next MPM on these issues, as well as other relevant topics.