In this connection, the future course of the “mix” of fiscal and monetary policy in the individual countries will certainly play a part. After all, in future undesirable developments will not only exercise an impact on the domestic economy. From now on all “euroland”-central banks have to take that into account.
III As soon as the European Central Bank has been set up, the ECB Governing Council will have a number of important decisions to take before the start of monetary union. For, needless to say, European monetary policy must be fully operational from the very first day of monetary union.