The monetary policy of the Eurosystem is geared towards the euro area as a whole and, thus, cannot take into account purely national and regional developments. The cyclical positions of participating countries have not yet completely converged, although, with the single currency in place, some national differences may disappear over time. This requires national policies and labour and goods markets to be increasingly flexible in order to be able to respond effectively to economic shocks. Well-functioning labour and product markets are therefore needed to allow adjustments to wages and prices to be made if local economic conditions change.
In addition, concern was often expressed that the Eurosystem would not act transparently enough. In this context, it was said that a transparent monetary policy also necessitated the publication of the minutes of the meetings of the Governing Council and disclosure of the voting behaviour of the individual members of the Council.