If euro area member states take up the challenge of adjusting, there is every reason to be confident about the future. II. Heterogeneity in the euro area and the United States  So much for the bird’s eye view. Let me now zoom in on the regional dimension and focus on heterogeneity within EMU compared with the United States.
By contrast, Adam Posen, external member of the Bank of England’s Monetary Policy Committee, argues that from the angles of identification of bubbles, cleanup costs angle and the effectiveness of monetary instruments, leaning against the wind will not work (Posen, 2010).