The measures contained in the current public consultation and which have just been approved by the Governing Council are designed to eliminate this problem. Concluding remarks I would like to conclude by saying that the Eurosystem has now become such an established component of the international financial system that one is inclined to forget that it is only four years in existence.
The considerable technical and operational challenges to implementing a single monetary policy across twelve countries have been successfully met. This is due in no small part to the highly efficient manner in which financial markets across the euro area have functioned.