And finally, we know that there is change on many fronts, the scale of which may only be exceeded by the scale of the crisis to which it is a response. As supervisors we are on the look out for unintended consequences of this change, and we will assess and refine our approach as needed. Thank you. 8  BIS central bankers’ speeches
Our monetary strategy ensures a continuity from the monetary policies previously conducted by the national central banks, which now belong to the Eurosystem. This strategy has been well received by financial markets and the general public. In particular, the relatively low yields on long-term euro-denominated bonds confirm that the Eurosystem has retained the credibility store it inherited. d)  Lastly, the credibility of the euro also results from the Eurosystem's constant efforts in terms of transparency and communication. I must stress here that the Eurosystem is one of the most transparent central banks in the world. Once a month, immediately after the ECB Governing Council meeting, the President of the ECB holds a press conference which starts with a precise report of the assessment of the Governing Council, and which is made available in real time on the ECB website. The Eurosystem was the first central bank in the world to introduce, on 1 January 1999, the concept of regular, frequent, real-time communication in the domain of monetary policy. Other major central banks have since decided to follow us. Being accountable, for an independent institution in a modern democracy – or, as it is the case for the Eurosystem, in a subtle constellation of democracies like the European Union – means being accountable to public opinion.