Finally, an idea which received some attention recently (March 2002) during the gathering on ‘Finance for Development’ in Monterrey, Mexico, is that, instead of holding their reserves in dollars, a new form of global money viz., ‘global greenbacks’ could be issued, which countries could hold in reserves.
Prior to the finalisation of the detailed rules of this supervisory model, a public consultation will be held this autumn. •  Fourth, a comprehensive assessment of the banks that will be directly supervised by the ECB.