However, that does not apply to the monetary and exchange rate policy conducted by the ESCB: no national task remains in this area. The Treaty provides that a single monetary and exchange rate policy shall be pursued within the euro area and that this policy shall be determined by the Governing Council of the European Central Bank (ECB).
As president of the Nederlandsche Bank, I sit on this Governing Council whose members do not act as representatives of their Member States or their own central bank when taking decisions; they act in accordance with their own judgement and with complete independence.