Indeed, EMU represents a major regime shift, with a number of associated uncertainties, such as data uncertainties, uncertainties about the monetary transmission mechanism across the euro area, uncertainties about the economic structure of the euro economy as it is adapting to the new, more competitive environment, and, last but not least, uncertainties about the interaction between the various economic policymakers.
Ladies and gentlemen, let me contribute six observations to the issue of our panel discussion which were obviously similar. The first observation relates to the role of monetary policy in a situation when the economy is possibly entering a new era. Some proponents of the New Economy claim that monetary policy should be relaxed to “give growth a chance”.