And, of course, vigilant as to the extent to which new room for manoeuvre might materialise. BIS Review 84/1998  -3-  And monetary policy must always pay heed to the specific conditions prevailing. For instance, the conditions for monetary policy in the future euro area differ to some extent from those in the United States and also in the United Kingdom.
It would have been a  4  BIS central bankers’ speeches  consequence of the central bank renouncing to apply strictly and in full the provisions of the Treaty. The ECB’s support for Greece is based on its Statute but also on the assumption in the Treaty that the status of each member of the euro area remains inviolate.