This approach should contemplate: (i) for reserve accumulating countries, a move towards flexible exchange rates and a significant reduction of foreign exchange intervention, or the abandonment of their pegs to national currencies; (ii) for reserve issuers, the adoption of a macroeconomic (fiscal) policy framework to sustain credibility of their currencies and the IMS as a whole.
Two stability facilities with a total volume of € were established. And these achievements have to be set in context. Observers often compare EMU with a unitary state like the U.S. and Japan and expect similar policy responses. Yet EMU remains a union of sovereign states that has its own logic for addressing challenges.