However, in a the global financial crisis the monetary policy had limited effects,
because: an export-led recovery is not an option, due to the global nature of the
crisis; its financial nature weakens the monetary transmission mechanism, especially
due to the extremely low interest rates and the liquidity trap problem. (Spilimbergo
et al. 2008, Bartha and Gubik 2012) Overall, economic growth, on the other hand, failed
to come in EMU. (Bartha and Gubik 2012
Taki Fiti. The European debt crisis and its implications on the Macedonian economy.
(2013) CEA Journal of Economics 8 1 25-42