Well, in the first place, a number of unavoidable problems arise in connection with the transition to a larger common monetary area. It is doubtful, for instance, whether the demand for, and the velocity of circulation of, money in the new monetary area will be sufficiently stable from the outset.
What will be the impact of, say, structural changes in the financial sector (catchwords are: the trend towards securitisation and towards disintermediation)? What will be the implications for the monetary policy of the ECB of the differing monetary policy transmission channels within the eurozone? These transitional difficulties should not be made light of, by any means.