However, in addition, particular attention also needs to be given to fiscal policy in an environment of strong growth, budget surpluses and decreasing debt ratios. In such circumstances, fiscal policy should by all means refrain from giving a pro-cyclical impulse to the economy. 5.
Concluding remarks  To summarise, the euro area has experienced a considerable degree of convergence in inflation rates during the past decade. National differences in output growth or inflation observed at the current juncture do not in general appear to be unusual either from a historical perspective or compared with developments in the United States.