Moreover, different reactions to similar problems make it possible to learn from each other. The existence of a single currency and 11 fiscal authorities is a unique phenomenon. This can only work if the Member States strictly apply the Stability and Growth Pact, which calls for the reduction of government deficits to close to balance or to create a surplus in the medium term.
Policy effects and side effects  1. Policy effects through long-term real interest rates  I think QQE is effective in increasing domestic private demand, mainly through a decline in long-term real interest rates, bringing forward future real private consumption.