Although his proposal was not implemented, his contribution kindled a lively and far-reaching debate on the role of government in the monetary system, a debate that addressed the choice between a free market monetary regime and government management of the monetary system via a central bank.
Lucas Papademos: Economic outlook in the euro area Statement by Mr Lucas Papademos, Vice-President of the European Central Bank, at the 2008 Asia-Europe (ASEM) Finance Ministers’ Meeting, Jeju, Korea, 16 June 2008. *  *  *  Introduction It is a great pleasure for me to participate in the ASEM Finance Ministers’ Meeting.