Such a process would, in an inclusive and democratic way, ensure that, in parallel to converging economically, we would develop a common understanding of economic policies in the euro area that would underpin our common rules. 8 Such a political process might not lead to the best outcome from our point of view as economists.
In what follows, I will explain the effects of the monetary easing since 2013, by describing changes in financial conditions and its impact on economic and price developments. Let me start with the changes in financial conditions. Since the introduction of QQE in 2013, Japan's interest rates have declined significantly.