In particular, the coexistence of sovereign national fiscal policies and a supranational monetary policy was considered as a dangerous mixture. The single approach implied by the single monetary policy was criticised as a serious hindrance to further economic convergence. Some sceptics even took the view that a stability-oriented monetary policy was bound to fail in such a situation. Where do we stand today?
7 See Lenza, M. and Slacelek J., “How does monetary policy affect income and wealth inequality? Evidence from  quantitative easing in the euro area”, Working Paper Series, ECB, No 2190, October 2018. See also Deutsche Bundesbank, “Distributional effects of monetary policy”, Monthly Report, September 2016 and Casiraghi, M., Gaiotti, E., Rodano, L., and Secchi, A., “A ‘reverse Robin Hood’?