During the 1970s and 1980s,and even as late as the mid-1990s,European governments used monetary policy to pursue their particular economic policy goals which typically reflected the interests of their domestic interest groups.

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During these decades, European governments had control over their own currencies and used them to pursue economic policies that would benefit their own countries, often catering to the interests of their domestic interest groups. This changed with the creation of the European Union and the adoption of the Euro currency, which limited individual countries' control over monetary policy.

During the 1970s and 1980s,and Even as Late as the Mid-1990s,European