Mr. Liebscher discusses the role of a national central bank within the ESCB as illustrated by the OeNB Address by the President of the Austrian National Bank, Dr. Klaus Liebscher, held at the 26th Economics Conference of the Oesterreichische Nationalbank on the topic “Economic Policy 2000”, in Vienna on 7-8/5/98.
Introduction Just a few days ago, the key political decisions which will pave the way to EMU were taken at the summit in Brussels. Based upon the preparatory work of the European Monetary Institute, the Commission and ECOFIN, the Council of the Heads of State or of Government agreed last weekend to start Stage Three of EMU on January 1, 1999, with eleven countries.