Interactions between them are important, as in earlier crises. •  The second lesson is that within this holistic approach, fiscal policy must be in the lead in order to minimize scarring of our production capacity. It is important that the fiscal stimulus is not prematurely withdrawn but rather remains geared towards supporting ailing businesses.
In order to stimulate the discussion, allow me to make a few comments from the vantage point of someone involved in the practical sphere of monetary union: I will comment: ·  firstly on the ways the perception of monetary policy within the euro area has evolved;  ·  secondly on converging or diverging growth and inflation rates; and  ·  finally on what we have learned up to now with regard to policy coordination and the Stability and Growth Pact.