L. Randall Wray in his 1998 book, Understanding Modern Money
Under the EMU, monetary policy is supposed to be divorced from fiscal policy, with a great degree of monetary policy independence in order to focus on the primary objective of price stability.
Fiscal policy, in turn will be tightly constrained by criteria which dictate maximum deficit-to-GDP and debt-to-deficit ratios. Most importantly, as Goodhart recognizes, this will be the world’s first modern experiment on a wide scale that would attempt to break the link between a government and its currency.
It will be as if each EMU member country were to attempt to operate fiscal policy in a foreign currency; deficit spending will require borrowing in that foreign currency according to the dictates of private markets.
Det är egentligen ingen skillnad mellan ett EMU medlemskap och att överlåta vår konstitutionella rätt att skapa pengar till våra banker. Vi överger ju i vilket fall som helst riksdagens och regeringens rätt att verkligen kunna styra finanspolitiken.