However, many of the proposals put forward before the Brexit referendum and aimed at “completing monetary union” only focus on elements of joint liability and disregard the issue of joint decision-making. They obviously anticipate and accept member states’ reluctance to transfer national sovereignty to the community level.
The economic analysis focuses mainly on the assessment of current economic and financial developments, their likely future dynamics, and any implied short to medium-term risks to price stability. To fully assess the economic situation and the outlook for price stability, the Governing Council must be able to call on a variety of tools and models.