Moreover, monetary policy is not equipped to compensate for deficiencies arising from the shortcomings of economic policies, in particular the still significant structural rigidities in labour and product markets impairing the euro area’s growth potential. This fundamental insight is reflected in the economic governance framework of EMU laid down in the Maastricht Treaty, which establishes a clear and efficient allocation of responsibilities.
•  The single monetary policy, under the responsibility of the ECB, has the task of maintaining price stability in the euro area.