Such structural differences call for appropriate national policies with a view to achieving a higher degree of flexibility and adaptability in the institutions and market structures of all economies. In line with its mandate, as laid down in the Treaty, the ECB focuses on maintaining price stability in the euro area as a whole.
The ECB’s internal work, analysis and assessment of economic information, its policy discussions and its deliberations are directed at achieving its primary objective for the entire currency union. While limiting inflation and growth differentials cannot form an objective for the ECB’s monetary policy, it is necessary for the ECB to assess the underlying causes of such differentials.