Prima facie, the answer is straightforward. Having a single currency automatically implies having a single exchange rate and thus also a single exchange rate policy. Yet the repercussions of EMU go beyond these “automatic” consequences. BIS Review 44/2009  1  Prior to EMU, Europe consisted of open and, for the most part, small economies.
But while Janus was the god of beginnings, he was also the god of endings, and as such was able to look both backwards and forwards at the same time. Assessing financial vulnerabilities is a critical part of the FSB mandate, and that is inherently a forward-looking job. The global financial system is constantly evolving, influenced in part by past experience, and by regulation.