Responsibility for curbing the booms and softening the recessions will shift in the EMU world to a much greater extent than before to fiscal policy. Here political decision-making will face strong pressures and challenges, both in Finland and in many other countries.
On the whole, it is good to keep in mind that a monetary union country with good central government finances will certainly have far more room for independent economic policy manoeuvring than will a non-monetary union country with a large central government deficit and debt. BIS Review 35/1998  ˝