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The ECB will have many counterparties and be subject to close public scrutiny. It has therefore set up procedures for informing its counterparties and the public about its monetary policy instruments in a robust and transparent manner.

The institutional implication is that the ESCB should develop into a strong unity, with a strong center and strong national central banks. It should become a truly European institution, with a truly European outlook. Of course, it may take some time to arrive where we ultimately want to be. We have to get used to thinking in euro area-wide terms. In the ECB Governing Council we are already "practising" that approach and are making progress. I am confident that the ESCB will indeed act as a unity.