Article 109, paragraph 2 of the Treaty stipulates that the Ecofin Council, acting by a qualified majority either on a recommendation from the Commission after consulting the ECB or on a recommendation from the ECB, may formulate general orientations for the exchange rate policy of the euro area.
I believe this invitation comes at an opportune time for the Central Bank to once again reach out directly to the credit union movement, as we move even closer towards regulation of the credit union sector. It is also my pleasure to speak directly to you, the membership of Aero Services Credit Union.