7 To sum up, the remarkable labour market performance observed in the euro area since its creation could even be improved upon. Rising productivity must also contribute to enhancing the overall economic performance of the euro area as a whole.
While the ECB sets monetary policy by looking at the performance of the euro area as a whole, the ECB also follows closely what happens in all euro area countries. In other words, we also look at diversity of economic performance across the euro area. 3.