In any case, the contributory role of the ECB needs to support its monetary policy tasks or the tasks conferred upon it relating to the prudential supervision of credit institutions and other financial institutions. Monetary policy and financial stability As Article 25 of the Statute of the ESCB refers to prudential supervision, Article 127(5) is the only reference to the ECB/ESCB.
The outlook for the United States, Euro area and Japan presents a mixed picture. If current trends are any indication, global recovery in the near-term would be led by the United States. However, the widened and historically high twin deficits, in fiscal and current accounts, of the United States pose the threat of possible disruptive adjustment of the US dollar against other major currencies.