Conclusion  The challenge of communicating with the general public, financial analysts, the markets and other interested parties remains. However, at present, the message which needs to be communicated is that of monetary policy in the context of inflation targeting: exchange rate and reserve management issues have lost their centrality, important as they may remain.
On the one hand, accountability should be assigned to national parliaments for decisions that are fully in the hands of national authorities. On the other hand, the ESM needs to be equipped with swift and credible decision-making procedures. This will never be fully possible in an intergovernmental setting that is hampered by national vetoes and operates outside the constitutional safeguards of the acquis.