Select Committee on European Union Minutes of Evidence

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

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