Finally, it may also be useful to note that the European Central Bank has also decided not to exempt any credit institution of the euro area from the minimum reserve system. 4.
Conclusion  BIS Review 77/1998  -4-  I am confident that the policy of the ECB has always been, and will continue to be, guided by the principle of equal treatment, the desire to foster the development of financial markets in the euro area and the need to avoid undue shifts in economic activity.