ABSTRACT
This chapter presents a number of broad alternative economic strategies that could be pursued, once a nation is freed from the restrictive grip of the European Central Bank (ECB) and the requirements of the Treaty on European Union (TEU), let alone any future developments. It discusses the development of complementary industrial strategy and exchange rate policy. An effective exchange rate policy is critical to the successful implementation of the outlined options for macroeconomic policy. The chapter demonstrates, that national economic management is still feasible, and preferable to transferring the main levers of macroeconomic policy into the hands of the European Union (EU) which is incapable of using them consistently in the best interests of all member states simultaneously. Fiscal policy is used to support the dominant monetary policy by restraining inflationary pressures, thereby reinforcing the low-interest rate objective. In a democracy, governments should act in the interests of the people, which require the rejection of abandoning national economic policy.
