that of the Executive Board and the Governing Council of the ECB, is to give the best possible monetary policy to our vast single economy with a single currency, which is comparable with the United States. Cyprus and Malta will join us as from 1 January 2008. The euro area will have then 320 million inhabitants and 15 countries. 2  BIS Review 87/2007
Regarding monetary policy, the next step toward normalization will come into sight; namely, raising the target range for the federal funds rate. This seems to suggest that the U.S. economy has recovered to a considerable level.