While this may not put central banks’ independence or room for maneuver immediately at risk, it does signify that central banks may need to step up their efforts on transparency and accountability. This is a topic I will return to later.
This encompasses the use of the euro for official reserve holdings and as a reference currency for exchange rate arrangements. Statistics related to official reserves were published in the most recent 3  BIS Review 103/2000  International Monetary Fund Annual Report, and indicated that the share of the euro was around 13% at the end of 1999.