If Emu goes ahead as planned, an independent European Central Bank (ECB) will be established in July 1998. It will begin formulating monetary policy for the whole euro currency area from January 1 1999. The bank’s statutes, which lay down how it will be run, are part of the Maastricht Treaty of 1992. The methods it will use to reach its primary goal of price stability are still under discussion and we do not yet know who will head it.
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