BIS central bankers’ speeches  3  Accordingly, five headline targets were agreed to as common objectives for guiding the action of member countries.5 In line with this approach, the EU introduced a so-called “European Semester” in 2011, whereby each member country submitted a medium-term budgetary strategy and a National Reform Program to the European Commission for assessment.
* * * Fellow Governors, Members of the Diplomatic Corp, Distinguished Delegates, Ladies and Gentlemen,  Introduction I am pleased to be given the privilege to brief Governors about on-going efforts to move towards a monetary union (establishment of a single Central Bank and introduction of single currency) in the West African sub-region.