BIS Review 90/2001  1  As you know, on 1 January 1999, the responsibility for the monetary policy of the member states participating in the Economic and Monetary Union, or EMU, was transferred to the Eurosystem. The Eurosystem comprises the ECB and the central banks of the euro area.
(Slide 5) Ladies and gentlemen, when all think likewise in the market, no one actually does any thinking. When the market consensus is achieved, markets grow more vulnerable than ever. We were not swayed by persuasions of many that Brexit would not take place, or that surveys in the USA hinted at an unambiguous outcome of the presidential election.