Of course, there was impact. Cooperatives did deliver. As can be seen from Table 1, their contribution to rural credit increased gradually from the 3.1% in 1951 to an impressive 27.3% in 2002.
Defining the objective will not be an easy matter in the new circumstances. The EMI has sketched two alternative strategies for monetary policy in EMU, one based on monetary aggregates and the other on a direct inflation target.