Euro area governments would have had to take advantage of the stable environment provided by the euro to implement more investment and education policies, and reform policies focused on long-term growth. For example, in France at the time the euro was created there was a rather naive belief that the euro would automatically generate convergence between the participating economies.
But that was not at all what happened; the euro actually created divergence, rather than convergence, because it lacked supporting policies, which, for the most part, were a matter for the national level. 2/5  BIS central bankers' speeches  Eventually we grew to understand that good monetary policy, while clearly necessary, isn’t enough on its own.