Given its economic and financial weight, the EU should play a constructive role in, inter alia, the World Trade Organisation (WTO), the International Monetary Fund (IMF) and the Group of Seven (G7). As for the Eurosystem, the institutional changes brought about by EMU have made it possible for the first time for Europeans to speak with one voice on monetary and financial matters.
As the President of the ECB, I participate in parts of the G7 meetings; the ECB will be represented at the newly established G20, and we also enjoy observer status at the IMF. In addition, we are to become a shareholder of the Bank for International Settlements (BIS).