Broader macroeconomic considerations The change to the exchange rate regime, with its accompanying improvements to monetary control, would be expected to have an effect on the volatilities of key financial prices. In particular, it would be  BIS Review 86/2006  3  likely that, all other things equal, domestic interest rates would be less volatile and the exchange rate more volatile.
It is a natural partner to collaborate with the ECB in sponsoring this research network. The ECB has, since its inception, maintained a focus on encouraging research which is directly relevant to understanding the workings of the global economy. The ECB has a strong track record of interacting with both academics and market participants in this regard.