Today, all of the EU central banks participating in the euro area from January 1, 1999, are independent, committed to the primary target of price stability and have already largely adapted their monetary policy instruments to the future needs of the ESCB. The ECB will bring together what is best in the traditions of the European central banks.
The same central bank governors who are responsible today for their countries’ stability-oriented monetary policies will be shaping the monetary policy for the euro in their function as members of the ECB Governing Council.