Mr Wellink considers monetary relations between the euro zone and new member states Speech by the President of the Netherlands Bank, Dr A.H.E.M. Wellink, at the European Finance Convention in Vienna on 23/11/98. I should start with a warning to those who favour early accession of Central and Eastern European countries to the European Union.
The discussion of this subject was concluded in the world, and the general consensus comes down to the following two points: –  Monetary policy has to be geared first of all towards maintaining price stability;  –  To the extent that it does not contradict that primary aim, interest-rate policy can also be administered so as to aid the government in attaining other policy objectives.