Hence any idea of putting the “monetary dialogue” between the European Parliament and the ECB or between the Eurogroup and the ECB in the service of the ex ante coordination of a specific policy mix, including monetary policy, must be rejected. The actions and decisions of monetary policy makers can only be judged in terms of their objective.
The second scenario was a “bad” one, in which no one initially did what they were supposed to. But it assumed that eventually everyone would come around, after a substantial lag, and do the right thing. Without this assumption the model and, presumably, the global economy, would explode.