This naturally also includes the provisions relating to Economic and Monetary Union. In particular, legislation will have to be put in place that ensures the full independence of central banks. In this respect, I noticed with some concern recent episodes in some countries which confirm the need for more stringent legislation on central bank independence.
Analysing candidate countries' monetary policy strategies, I find it rather encouraging that they are, in most cases, increasingly similar to that of the ECB. Centred on price stability, the conduct of monetary policy is built more and more around the use of indirect and market-based instruments to control liquidity conditions in the banking system.