Conclusion  Ladies and Gentlemen, aside from the acute crisis measures it is vital that we create a more stable monetary union. This won’t be easy to achieve. The current crisis has many different causes and combating it in the short term has taken a huge toll on the framework of Europe’s monetary union.
227; and in New Keynesian open economy models e.g. by R. Clarida, J. Gali, and M. Gertler, (2002) “A Simple Framework for International Monetary Policy Analysis,” Journal of Monetary Economics 49: 879–904. 2  IMF estimates. 3  See ECB (2015), “The impact of oil prices on euro area inflation”, Box 3, Annual Report 2014.