With regard to the conduct of the single monetary policy in an enlarged euro area, several questions have been raised and concerns expressed. Will the adoption of the euro by a number of countries that aim at achieving real convergence affect the orientation and formulation of the single monetary policy?
And will the implementation of this policy become more complex in a larger and more heterogeneous Monetary Union? The answer to both of these questions is a simple no. The monetary policy stance of the ECB is determined by its mandate to maintain price stability for the euro area as a whole over the medium term.