The ESCB will have the important task of helping to foster such a European perspective, with the centre taking the initiative. The European outlook will furthermore have to be disseminated among the general public. An ESCB making an effort to explain and seek understanding for its policy decisions will generate support for its actions.
Recent studies show 4 that the lower degree of financial development in emerging economies, compared with mature economies, has been one important driver of capital flows to mature economies. In fact, the lack of supply in “safe” financial assets in emerging economies can trigger capital flows to regions that are able to produce the desired assets.