The public is no longer willing to give the benefit of doubt to the view that what was good for the industry was good for the economy. Now, it is not sufficient for the futures industry to maintain that speculation itself is good. It must make the case that speculation actually brings about good outcomes.
*  *  The new monetary policy environment - challenges for the ECB  On 1 January 1999 the European Central Bank (ECB) assumed responsibility for monetary policy in the euro area - the second largest economic area in the world after the United States. Overnight, the euro became the currency of almost 300 million people.