This would give the accession process the necessary flexibility if a big bang scenario were actually enacted, so that transition periods might be considered for specific parts of the Acquis Communautaire. In fact, such an approach would also allay the fears voiced by the Scientific Council for Government Policy regarding potential erosion of the single market.
Europe’s monetary integration could have ended in failure as a result of that episode. Price stability is, without a doubt, the best contribution that central banks can make to people’s well-being. Nevertheless, many people virtually don’t take much notice of their central banks’ operations in normal times. Furthermore, the mechanism for the transmission of monetary policy decisions is very complicated.