It is possible for a small open economy neighbouring a large currency area to conduct an independent monetary policy. Such a policy allows a central bank to address the specific needs of its own economy and to ensure price stability in the medium term.
The central banks of these ... countries neighbouring the euro area succeeded in regaining a certain room for manoeuvre by deploying unconventional monetary policy measures, namely negative interest, foreign exchange market interventions and quantitative easing programmes.
Jordan cited the experience of Switzerland, the Czech Republic and Sweden as supporting his conclusions. Worth reading for anyone interested in getting familiar with the issues faced by these small open economies with strong trade links to the euro area.