This means that the individual countries must accept the monetary policy as a given and adjust their national policies accordingly. Zeit: Which means?
Trichet: When a country experiences a boom, it needs to make its own national policies – namely fiscal policies, wage policies, structural policies and prudential supervisors’ autonomous decisions – more restrictive in order to avoid the economy overheating or speculation getting out of control. That goes for every country in the world, but all the more so for members of a monetary union.