The paper investigates whether the policy framework adopted by the EMU participating countries might create recessive tendencies. First. we check the existence of a deflationary bias by separately analysing monetary and fiscal policy. The analysis of monetary policy focuses on a backward- and a forward-looking monetary rule. https://www.ivoryjinelle.com/limited-value-Hunting-Camo-iPhone-SE-2nd-3rd-Gen-Pro-Case-p79729-hot-value/