First, the euro has intensified developments in the financial industry that argue in favour of a broad mandate for national central banks. They must ensure price stability and, at the same time, concern themselves with the stability of the financial system.
Secondly I would like to point out that the euro-induced developments in the financial markets might change the relative importance of the different transmission channels in monetary policy. In my view, however, it is too early to answer the key question of whether the overall efficiency of monetary policy will be strengthened or weakened by these changes.