Those concerns have focused in particular on the side effects of monetary policy and its distributional consequences: between savers and borrowers, weaker and stronger countries, the rich and the poor. The question, in short, is whether there is a trade-off between stability and equity.
It is also positive the support in the same framework for a clear distinction between Member States belonging or not to the euro area. The requirements of avoiding negative imbalances must be more demanding for members of the monetary union.