These imbalances remain a challenge, largely reflecting a lack of adjustment in a number of Member States. It remains indispensable that the countries concerned bring their monitoring of cost competitiveness indicators, their structural reforms, and their fiscal consolidation efforts more into line with the  BIS Review 34/2010  3  principles and rules underlying the functioning of monetary union.
This would allow euro area economies to reap fully the macroeconomic benefits of EMU. 4  BIS Review 34/2010