We show that there is no consistent Pareto improvement over any stable mechanism. We introduce the following weakly consistent Pareto improvement (over the studentoptimal stable matching) requirement: whenever a set of students, each of whom is assigned to a school that is underdemanded at the student-optimal stable matching, is removed with their assigned seats, then the assignments of the remaining students do not change. Our main result is that the efficiency-adjusted deferred acceptance mechanism (Kesten in Q J Econ 125(3):1297-1348, 2010) is the unique weakly consistent Pareto improvement over the student-optimal stable mechanism.