The Bank also purchases foreign exchange in order to offset appreciation pressures derived from market overshooting in reaction to the production of natural gas. It is important to note that our foreign exchange policy takes the long-term economic forces into account, and we are acting to give the business sector time to adjust to the trends derived from these forces.
The challenge of preventing and managing crises draws attention to the need for euro area countries to genuinely treat their economic policies as a “matter of common concern” – as they are obliged to by the Treaty – and exercise effective peer pressure. Intrusive mutual surveillance is a necessary precondition for participation in a highly integrated economic and financial area.