2 The implications for monetary policy of central bank actions other than the use of its general monetary policy tools will be considered later. 3 See Debelle and Fischer (1994, p. 197). 4 U.S. monetary policy independence in the post-World War II era dates at least from the Federal Reserve/Treasury Accord of 1951. See Eichengreen and Garber (1991).
Thankfully, we have by now accumulated certain experience with such changeover processes. The euro changeover that took place early this year in Slovenia was a great success. Within a short period of time, Slovenians had completely accepted the new currency and integrated it in their daily life.