In this case, a third and independent party, such as the IMF or OECD, regularly monitors and assesses the economic policies of its members. The ECB participates in the surveillance process for policies falling within its competence (e.g. monetary policy, payment systems oversight). This means that, whenever monetary policy is under surveillance, the ECB is solely responsible for its interaction with the IMF and OECD. Standards and codes recently adopted by the IMF and other relevant international institutions are a way of defining best policy practices and enhancing transparency in the field of monetary and financial policy. In this respect, the ECB’s involvement in regular surveillance further strengthens its accountability through being transparent. Third, in the area of macroeconomic policies, consultation and surveillance are the only forms of international cooperation that are relevant to the Eurosystem. Any form of ex ante policy coordination of monetary with other macroeconomic policies would neither be advisable for the Eurosystem nor be compatible with the ECB’s mandate and independence. Apart from the well-known recognition and decision lags in policy-making, attempts to coordinate ex ante would not only blur the specific responsibilities of individual policy-makers, but also reduce their accountability. In determining its monetary policy stance, the ECB should and does take into account all relevant information. It cannot let its policy solely be determined by the current and future course of other policies. This could easily compromise the maintenance of price stability.
Willem F Duisenberg: The international role of the euro  Speech by Dr Willem F Duisenberg, President of the European Central Bank, on the occasion of the 2000 Spruce Meadows Round Table, held in Calgary, on 8 September 2000. *  *  *  Let me first thank the organisers of this conference for having invited me to share some thoughts with you on the international role of the euro. The euro was successfully launched 20 months ago as the single currency of 11 Member States of the European Union (EU) - known as the “euro area”. On 1 January 1999 these Member States transferred their monetary sovereignty to a new supranational institution, the European Central Bank (ECB). Since then, the Eurosystem - composed of the ECB and the national central banks (NCBs) of the 11 countries that have adopted the euro - has been in charge of the euro area single monetary policy and related functions, such as foreign reserve management and operations and payment systems oversight. The euro has brought about fundamental changes to the economic and financial environment in the euro area and beyond. By lowering transaction costs and enhancing price transparency, the single currency represents a major contribution to fostering competition and efficiency in goods and financial markets across the euro area. As such, the introduction of the euro represents a quantum leap towards completing a fully integrated Single Market in the EU and lays a solid basis for the improvement in the living standards of European citizens.