Another area that deserves attention is the treatment of intra-regional linkages and cross-country spillovers. Moreover, and on a more general note, I consider it important for the Fund to take full account of the specific features of the monetary unions that are subject to surveillance.
Finally, a field which is of particular interest to the ECB is the discussion on how the Fund’s surveillance over exchange rates and exchange rate policies could be improved. On a general note, I consider that the Fund in its exchange rate analysis should make a clear distinction between exchange rates which are a policy objective and those which are market-determined.