In addition to standard monetary policy measures, the Eurosystem introduced a policy of “enhanced credit support” intended to limit the role of liquidity in the propagation of the crisis, to maintain the transmission of interest rate decisions, and to enhance the flow of credit to the real economy.
Introduction After these warm words of welcome, I have the honour to kick off this conference on the German economy and the European Union. The subject of my speech is the implications of Economic and Monetary Union (EMU), and in particular the requirements which EMU imposes on economic policy co-ordination. This topic is not new.