Indeed, yesterday we witnessed the signing of the Accession Treaty with Bulgaria and Romania. I am convinced that, as past experience has demonstrated, the prospect of EU membership will continue to serve as a catalyst for macroeconomic stabilisation and structural reforms in these countries. I am now at your disposal for questions. BIS Review 29/2005  3
It cannot be done in one day, but you have to spell out how you make the transition to it. Monetary policy in Europe is done essentially through banks. Isn’t that a problem? Is there no other way to get the money more directly to households and companies? BIS central bankers’ speeches  3  As for helicopter money, we are not discussing that.