But if that does not happen, new questions will be raised about whether monetary policy alone is enough to get the economy moving again.

"But a whole lot of things point to not moving monetary policy any more."

For one, it goes against a monetary policy in place since 1990.

Take, for example, the impact of monetary policy on business activity.

It takes six to nine months to feel the full effect of a change in monetary policy, he said.

In terms of monetary policy, interest rates were kept between 6 and 9%.

"I don't think this means any change in monetary policy but there are new people."

The stage would then be set for a common monetary policy.

This European home market already has a common monetary policy.

But monetary policy seems to be working much the way it always has.