In light of this one may argue, and I agree, that financial resources have until now been directed too much toward the financing of unsustainable fiscal deficits and too little toward productive investment and growth. Financial resources are not unlimited, and for the sake of growth they should flow toward where productivity growth is high.
3.1  Heterogeneity as a challenge for monetary policy  One of the aggravating factors is heterogeneity in terms of growth, inflation and competitiveness. With regard to the euro-area countries’ economic performance, we are currently observing a widening divergence.