But to make sure that such an asymmetrical set-up of a centralised, single monetary policy and decentralised fiscal policies works well, fiscal discipline is absolutely essential. Past experiences have shown that monetary unions are rather like any normal family – if there is a quarrel, then it will be about money.
However, in order to derive its benefits and optimize its costs, careful consideration should be given to all the elements of capacity building. For instance, an officer may be trained in advanced quantitative techniques but if adequate resources in the form of computing infrastructure and access to data are not provided, the training is rendered ineffective from a capacity building perspective.