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One undoubted success of monetary union is that it has anchored long-run inflation expectations at close to the definition of price stability; moreover, general interest-rate cuts have contributed to economic growth.


Future challenges consist mainly of the disparities in terms of inflation and labour costs, and the as yet incomplete integration of the goods and services markets. The first aim should be addressed as part of a series of national programmes which, with due regard for the Stability and Growth Pact, work towards convergence agreed on by governments and the social partners. The second should be addressed in a study which sets out the inherent, natural limits to integration, beyond which it actually becomes impossible or too burdensome.


Better economic governance would in theory be more possible if the Eurogroup and the ECB were represented in international bodies.


As regards financial governance, the EESC calls for an overhaul of all the policies on which market practices have thus far been based.