But the ECB’s 6  BIS central bankers’ speeches  monetary policy continues to be geared towards price stability in the euro area as a whole. The single monetary policy of the ECB cannot address different economic growth or inflation across regions of the euro area. Such macroeconomic heterogeneity is a normal feature within a monetary union.
Heterogeneity can even be a desirable feature when it reflects the necessary adjustments to macroeconomic imbalances that have built up. Macroeconomic diversity is an issue that national policy-makers should deal with, not the ECB. Their primary contribution of course would be to avoid building up unsustainable macroeconomic imbalances.