In monitoring the price developments and determinants the ECB-council judges the inflation expectations over the medium term. BIS Review 67/2002  3  For the euro-area financial markets, the introduction of the euro has had far-reaching implications.
By the way: under the critical eyes of today’s international financial markets, no central bank in the world can afford to neglect exchange rate movements. It is, however, an entirely different matter to go beyond today’s problem-oriented cooperation in international bodies, as is being sought in proposals to establish a more formalised exchange rate regime based, for instance, on target zones.