At the National Bank of Belgium, we are certainly not nostalgic for a monetary sovereignty which in any case had become largely illusory for highly integrated small and medium-sized economies.
The switch to a single monetary policy, decided by the Governing Council of the European Central Bank, did not mean any loss of monetary power for Belgium: on the contrary, since the Government and the Bank had decided ten years ago to peg the Belgian franc to the most stable European currency, Belgium was in reality already importing its monetary policy from Frankfurt.