Trade policy decided in common gives Europe real sway in global negotiations, both in the deals it can extract bilaterally, and in the setting of multilateral rules in the WTO. A large market has leverage over large multinational firms, allowing Europe to protect what it deems important, such as privacy on the internet.
Nevertheless, developments in financial conditions should be taken into account when making such estimates. All in all, both the experience of the past two years and recent developments in the literature appear to support the view that the use of financial indicators in the context of a broader analysis of monetary and financial conditions in the economy is beneficial. 4.