To do so, firms must review their business strategies fostered during the persistently stagnant wage environment, and improve labor productivity. Meanwhile, in the United States, there are still some discouraged workers and involuntary part-time workers.
If a significant part of the money stock were to circulate outside the euro area and if its development were to deviate from that circulating inside the euro area, this could be a source of instability in money demand. But this is only one of the challenges which the ESCB will be facing in analysing developments in monetary aggregates.