Put differently, the internal value of the euro is the objective of monetary policy and the external value the outcome. 8 This is not to say, of course, that Europe could adopt an attitude of benign neglect with regard to the external value of the euro.
As is the case now, exchange rate developments will continue to be informally monitored by the major global players. Indeed, the introduction of the euro may even enhance the opportunity for strengthened policy coordination. With Europe speaking with one voice, the players on the global field are being put on a more equal footing.