To what extent the accumulated credibility of national central banks which will make up the European System of Central Banks from the beginning of Stage Three can be transferred to the new BIS Review 25/1998  -4-  institution is an open question.
In general, an efficient outcome is one where, by reallocating the available resources, no one can be made better off in terms of his preferences without making someone else worse off in terms of his preferences. Under certain conditions, perfectly competitive markets throughout the economy can achieve an efficient allocation of resources.