The other option was the principle of individual responsibility, under which member states would remain largely independent in their choice of policies, but would be liable for the decisions they made. This liability principle promised to have a disciplinary effect.
Regarding monetary policy in advanced economies, we discussed the challenges faced by the major central banks during the financial crisis and the exceptional measures taken in response to those challenges. Today we can say with some certainty that the policies of central banks in advanced economies helped avert a more severe economic downturn in the wake of the crisis.