Furthermore, Article 99 of the Treaty explicitly requires that Member States “regard their economic policies as a matter of common concern” and “coordinate them within the Council”, reflecting the need for close coordination given the ever closer economic links between the Member States as a result of EMU.
As the great spaghetti westerns of our youth have taught us, the “goodies” win if they shoot first. But he also has to hit the target. There is no scene more depressing than those in which the cavalry is surrounded, without any ammunition left. If the transmission channel of monetary policy does not function, interest rate cuts have little impact on the real economy.