In the private sector, the flow of saving declined further in relation to disposable income in 1998; its use in the domestic economy to the benefit of growth and employment remained inadequate.
In the aftermath of the crisis, EMU’s functioning has been enhanced, for instance, by the establishment of the European “Knows and unknowns of monetary policy instruments: implications for monetary policy strategies”, speech at the European Banking Institute’s policy conference, Frankfurt, 14 November 2019. 6  Stability Mechanism and the steps towards a European Banking Union.