Conclusions To conclude, the euro area has an exchange rate policy and it has been implementing it over the last ten years, with full cooperation between the authorities in charge, including over the recent months. International monetary coordination has gone beyond exchange rates, and involved several aspects of central banking, including on one occasion a coordinated interest rate change.
Such coordination is aimed at the specific circumstances of the crisis and has helped to restore confidence in financial markets. Having said that, financial and economic conditions do differ across the major countries, and we should not expect that coordination means uniformity of action.