Such a situation creates a major challenge for the regional central bank which must devise a single monetary policy for the entire region. The importance of the convergence criteria is another area that has attracted much scrutiny and analysis.
8  See Ben S. Bernanke (2013), “The Economic Outlook,” statement before the Joint Economic Committee, U.S. Congress, May 22; and Board of Governors of the Federal Reserve System (2013), “Federal Reserve Issues FOMC Statement,” press release, June 19. BIS central bankers’ speeches  3  I take the events of the past few months to be evidence in favor of the recruitment view.