The study looked at how monetary policy in the Euro area has changed over time. They found that policy makers were more focused on fighting inflation in the early years, but this changed after German reunification. The European Central Bank did not show a more conservative approach compared to the Bundesbank. The best policy approach for the Euro area seems to be discretion, rather than commitment. If policy makers had been able to commit to a certain strategy, it would have led to better outcomes in terms of inflation and economic stability.