The ECB will embrace the implied  BIS Review 26/1999  4  responsibility but, at the same time, it will have to be modest and realistic in its actions in the international arena. The ECB may be expected to contribute to international cooperation by adopting a positive attitude.
The introduction of the euro could potentially simplify the process of international policy cooperation between the major economies, since the number of key players has been reduced. In particular, it should make this process more efficient by facilitating the exchange of views and the formulation of common understandings on economic and financial issues at the global level.