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This article examines the performance of the ECB's monetary policy. It concludes that the ECB has performed well as regards its primary goal of keeping inflation under control. However, as long as price stability is not threatened the ECB can and should contribute to growth. Here, however, after a good start, the ECB's performance has been disappointing. This article argues that greater coordination between wage and monetary policies is required: if the ECB were to take account of stability-oriented national wage formation policies, then it could pursue a monetary policy that promoted growth without putting in jeopardy price stability.
