Within the general framework laid down in the Treaty, the European Monetary Institute and the Commission have done valuable work in analyzing and interpreting the relevant provisions and providing clear indications of the criteria to be followed in adapting national legislation to Community law, not least in view of the need for the latter’s uniform application throughout the European Union.
The key requirements of central bank independence with a view to a country’s adoption of the single currency are: the task of pursuing price stability as the primary objective; complete autonomy in the management of the monetary instruments, interest rates and monetary and credit aggregates, for the purpose of defending the internal and external value of the currency.