Memorandum by Sir Samuel Brittan
"Do Not Make The ECB The Scapegoat"
Approximate division of responsibility for sluggish
euro area, and especially German, economic performance.
|Policies and procedures of the ECB:
||5 per cent|
|2.||Fiscal policies of individual governments:
||15 per cent|
|Difficulties of applying a "one interest rate fits all" policy in an immature or premature monetary union:
||25 per cent|
|4.||Deficiencies of the European Social Model:
||50 per cent|
1 July 2003