The entire motivation behind monetary economics is that there doesn't exist a "baseline economy" independent of monetary policy. This was the primary argument a

The entire motivation behind monetary economics is that there doesn't exist a "baseline economy" independent of monetary policy. This was the primary argument against the Euro. Developing economies are hurt more in recessions, and benefit more from widely varying monetary policy. This is true no matter how "good" or "bad" a country is, even if the "badness" of a country was justification for economically punishing its citizens in the first place (it isn't).