Rather, with the unemployment rate remaining steady this year despite above-trend job gains, and with inflation continuing to run below its target, the Committee judged that there was somewhat more room for the labor market to improve on a sustainable basis than the Committee had anticipated at the beginning of the year. Nonetheless, the Committee must remain forward looking in setting monetary policy.
If national fiscal policies would not be governed by certain explicit and clear rules, individual Member States could implement unbalanced fiscal policies and to a large extent pass on the negative consequences to the other Member States.