Stability-oriented polices regarding the development of national fiscal positions and the functioning of labour markets are of crucial importance as well. As I have explained, the benefits of EMU will not arise in a quasi automatic way.
While monetary policy will deliver its contribution by following policies that maintain price stability, other economic policies must be implemented to ensure that the opportunities of the single currency will be fully utilised. Monetary policy alone - however well designed and implemented - cannot solve Europe’s economic problems.