And the basis for its value is the stability of the Bundesbank and the Eurosystem as a whole, as well as the integrity of all the central bankers working to guarantee price stability and safe and eﬃcient payments within the euro area.
It is puzzling that in defining the tasks of the FSB, the G-20 mentions the IMF only in the context of joint Early Warning Exercises, and not in the context of surveillance and oversight of policies to strengthen national and international financial systems. It is important for the stability of the international financial system that this issue be clarified. IV.