I will also touch briefly on some of the initiatives that have been undertaken to improve governance in the domestic FX market.
In other words, all the members of the Governing Council are on an equal footing irrespective of the size of their country, which reflects a key principle of the Maastricht Treaty. Decentralization is at the root of the Eurosystem, i.e. strategic decisions are taken in the Governing Council. They are then implemented decentrally by the central banks of the Eurosystem.