Some lessons for the future Our monetary policy measures are bearing fruit, and the growth outlook confirms our confidence 19 / 22  BIS central bankers' speeches  that inflation will converge towards our aim of below, but close to, 2% over the medium term. Monetary policy alone cannot prevent the build-up of divergences in a monetary union.
The nature of EMU makes macroeconomic adjustment in the euro area more complex than in a federal state. Monetary policy is a competence assigned at EU level. The European Central Bank’s price stability objective is enshrined in the Treaty.