In recent years, the sharpest deterioration in the U.S. trade balance occurred between 1997 and 2000, a time during which domestic employment was growing at a rapid pace.
Like the Federal Reserve System, the Governing Council of the ECB approves of having a link between the central bank and the prudential supervisory authority for banks. The Treaty provides for a decentralised system entrusted to national authorities. The ECB is strongly in favour of fostering dialogue and cooperation to the maximum extend possible between the competent prudential authorities, as advocated by Alexandre Lamfalussy.