Those euro area policymakers who believe that they are accountable only to their national parliaments have forgotten that they belong to a monetary union. There is quite some scope to strengthen coordination in the current framework, by enforcing in a more consistent way the European Semester and the Country Specific Recommendations, which are today barely considered in the national process.
The best testimony to the importance of this line of research is that DSGE models have breached the walls of academia, and are today being increasingly used at central banks as key input in the policy process.