The same issues were further elaborated in the Commission report EMU@10, released just ahead of this forum. These reports found that, in markets closely linked to monetary policy, the euro has catalysed substantial integration.
Concluding remarks Under the environment of financial integration, the task of a central bank in maintaining both monetary and financial system stability has become more challenging. To navigate under this changing environment, in my view a central bank should have at least three critical tools at its discretion. First is the flexible exchange rate system, which provides for autonomy of monetary policy.