The ECB has obtained observer status at the IMF and is to become a shareholder of the BIS. The best contribution the Eurosystem can make to international stability is to maintain price stability in the euro area. Attempts at international policy coordination beyond the scope that I have just indicated could easily become counterproductive, compromising both the Eurosystem’s mandate and international financial stability itself.
The Eurosystem’s role on the international scene will tend to expand and develop over time, in step with its growing experience and the gradual evolution of the ECB’s organisation. In the context of international cooperation, the Eurosystem and the ECB will also play an increasing role in providing technical assistance in their fields of competence.