The same requirement for independence also applies to the central banks of all Member States participating in Economic and Monetary Union (EMU). With new Member States joining Economic and Monetary Union in the next few years, legislation concerning their central banks will also have to fulfil these requirements. Another approach is building up a solid reputation.
Through the conduct of a consistent, successful and well-founded policy, the central bank may, over time, acquire such credibility as is needed in the implementation of monetary policy. The build-up of a solid reputation may be accelerated by a public commitment to the objective of price stability.