States has grown by more than 7 per cent in the past five years, although the source of the crisis was not the EU but the US … natural. It would also be necessary for the ECB to not only apply inflation targeting, but – just like the FED – to take into … consideration the unemployment rate as well when shaping its monetary policy. In addition, the criteria of the Stability and Growth …

as practiced in the context of the European Union's stability and growth pact. Specifically, the Maastricht treaty …

It is largely recognised that fiscal policy will have larger responsibilities for cyclical stabilisation in EMU given … the loss of the monetary instrument. At the same time, the EMU's budgetary framework emphasises the need to rely on …