As the representative of a monetary union which is comparable in size and importance with the United States, and as the central bank managing a currency that is likely to play a large and increasingly international role, the ECB will inevitably serve an important function in the international financial system.
Kevin M Warsh: The federal funds rate in extraordinary times Speech by Mr Kevin M Warsh, Member of the Board of Governors of the US Federal Reserve System, at the Exchequer Club Luncheon, Washington DC, 21 May 2008. The original speech, which contains various links to the documents mentioned, can be found on the US Federal Reserve System’s website.