In June, as you know, the Council of Financial Regulators6 released a discussion paper setting out these issues in detail and calling for submissions from interested parties. To help focus discussion, the Council paper put forward four propositions.
While they will not yet take part in EMU to the full extent, as they cannot adopt the euro immediately, they are already required to observe a number of obligations embodied in the stability architecture of EMU: They generally have to bring into line their economic and monetary policies with the overall goals of EMU.