The Maastricht Treaty leaves, in principle, the other elements of economic policy in the hands of the Member States as a matter of national responsibility. This has led to an "asymmetric" economic policy framework. This asymmetry reflects the limits of the Member States’ willingness to hand over their national sovereignty in the area of economic policy-making.
Asset purchase programme Finally, by linking the horizon of the APP – both in terms of net purchases and the reinvestment policy – to the forward guidance on policy rates, expectations on the purchase horizon of the APP adjust in line with the inflation outlook and automatically regulate term premia.