Much like an earthquake exposes design flaws in a building’s construction, the financial crisis has clearly brought to light the dangerous cracks lurking in the structural framework of the monetary union. The cornerstones of the Maastricht framework include the concept of an independent central bank with the primary objective of safeguarding price stability, and national sovereignty in fiscal policy matters.
Growth prospects While the forecast for Greek economic growth in 2002 was revised downwards in the aftermath of the 11 September events, real growth is nevertheless projected to be within the range of 3.5 to 3.8 per cent. This strong output performance is expected to continue in the medium term.