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.
Diversity in EMU  Some diversity – in economic and financial developments – is a natural phenomenon in any vast currency area. 8 Rates of economic growth, inflation and changes in labour costs can differ across countries for various reasons. Some of these reasons may have no link whatsoever with monetary policy or a single currency.