Liebscher on the role and functioning of the ESCB

In a speech on 'The role and functioning of the European System of Central Banks (ESCB)' given on 6 July Klaus Liebscher of the Austrian National Bank expressed his conviction that the enlargement of the European Union and the economic and monetary integration of the acceding countries will not only strengthen the role of the European Union as a global player in the long term, but also make a sustainable contribution to stability, peace and welfare in Europe.

"One important convergence

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