Particular lessons for monetary policy in the euro area  All the issues I have been talking about up to now concern more or less all central banks and every monetary policymaker. For the remainder of my speech, I would like to focus on the particular challenges for monetary policy in the euro area.
In many cases, unleashing market forces is a key to efficient adjustment, and flexibility is essential to the financial system and the economy to withstand shocks arising from adjustments. Beyond this, there are basically two routes to reach a level of imbalances that would be more comfortable and manageable in the long run: realigning exchange rates and rethinking policies that influence absorption in economies.