For small areas within a monetary union, a common monetary policy does have some specific implications. Small countries have little influence on the euro area inflation rate, which is a weighted average of national inflation rates. If inflation rates in those small countries diverge from the euro area average, that has relatively little impact on the overall monetary policy stance for the euro area.
Consequently, it is possible for smaller countries to temporarily have growth rates and inflation rates that differ from those that would result from a national monetary policy aimed at maintaining price stability at the country level. Large countries could also be in this position.