There is no trade-off between these goals; instead, they are mutually reinforcing. The structural growth obstacles of euro-area countries cannot be solved with monetary policy nor with expansionary fiscal policy measures. Further damaging the pact would expose the policy regime of EMU to a very severe endurance test with tensions between the member states owing to the free-rider problematic.
This is reflected in a labour market that by most measures is and has been very tight compared to the euro area for some time. The longer time inflation remains high while labour markets are tight, the higher is the risk that inflation expectations de-anchor and inflation becomes entrenched.