The crucial requirement, therefore, is that the contractual principles of monetary union are strictly applied and become a living reality; then it will be up to the markets to assess the currency’s international role. The history of the international financial system taught us that a shift from one reserve currency to another takes time.
The Central Bank’s mandate includes monetary and financial stability and ensuring that the financial system operates in the interests of consumers and the economy as a whole. Our primary focus since March has been on ensuring the financial system absorbed the shock and supported households and firms through the crisis and was ready to support the recovery.