Centralisation or intergovernmentalism This, of course, was already the modus operandi of Garret and the early Irish negotiators in Europe. And in Garret’s case it took the form of a consistent advocacy of the supranational executive mechanisms of the EEC, in particular the Commission, over the intergovernmental, as represented most evidently in the Council of Ministers and then in the European Council.
Exchange rate policy has played a role in achieving these macroeconomic objectives. It also has an impact on China’s competitiveness, trade relations and resources allocation. Therefore, improving the managed floating exchange rate regime and gradually enhancing exchange rate flexibility will help make monetary policy more flexible and effective, and strengthen the ability to conduct macroeconomic management. I.