The ECB will continue to address governments and other policy-makers, convinced as we are that monetary policy does not act in a vacuum and that the task of maintaining price stability is much easier in a flexible and competitive economy.
BIS Review 55/2006  3  The Committee of European Banking Supervisors (CEBS) The CEBS, as part of the Lamfalussy framework, is the institutional committee that brings together all the banking supervisors of the EU countries and the central banks, including the ECB, as observers.