3  See Goodfriend, M., 2011, Central banking in the credit turmoil: an assessment of Federal Reserve practice, Journal of Monetary Economics, 58(1), 1–12. 2  BIS central bankers’ speeches  Third is “interest on reserves policy” – changes in the opportunity cost for banks to hold reserves or excess reserves. Goodfriend argues that all three categories have fiscal implications.
One of the four would come under pressure and would have be surrendered in order to avoid inconsistency. The single currency was the way to square the circle in merging all the independent national monetary policies. One single money for one single market.