But would those politicians who so eloquently call for an economic government be willing to accept real decisions by such an institution that ran counter to the perceived national interests of their country in order to ensure the smooth functioning of EMU? I very much doubt it.
1  The views are my own and do not necessarily reflect other members of the Board or its staff. I thank Athanasios Orphanides, Matthew Pritsker, Patrick Parkinson, and Vincent Reinhart, of the Board's staff, for valuable comments.