To prevent distortions of competition, it is therefore imperative that, as an alternative to recourse to external ratings, internal bank rating systems be used, which are inherently of equal value and come into force simultaneously. In connection with the proposals on the external rating of countries, the question of the treatment of public authorities below the level of the central government also arises.
Concluding remarks In my remarks today, I have discussed the important role of uncertainty in the interplay between monetary policy and its economic and political operating environment. During the current phase of globalization central banks have benefited from a very benign economic and political environment.