2  BIS Review 42/2005  Beyond this, the ECB naturally shares its analysis and assessment of the economic situation, including its assessment of fiscal policies, with the fiscal authorities in bodies such as the Eurogroup and the Economic and Financial Committee. In so doing, the ECB has a duty to be frank in presenting its views.
The ECB has an additional role to play in the context of its communication policy. It has to explain and support the need for rules-based fiscal policies in EMU since this is essential for ensuring long-term price stability and sustainable growth.