We believe the inflation targeting route is incompatible with trying to force the currency into a straightjacket. And, in any case, fixed exchange rates are globally becoming a thing of the past as more and more countries move towards flexible exchange rate systems.
But we must not forget that the European countries have already come far in harmonising policy, especially the euro area countries.” Did EU Commissioner Jonathan Hill not say that a capital markets union would not be in place before 2019? “If it is completed in 2019, I would be very happy.”  BIS central bankers’ speeches  3