New directions for the ECB

The year 2003 promises to be a watershed year for the European Central Bank. Apart from the impending appointment of a new president of the ECB in the summer of 2003, two major developments are in train that could substantially alter the procedures and behaviour of the ECB. One is the review of its monetary policy strategy that is currently under way and that will be published by summertime; the other is the announced reconfiguration of the voting procedure of the ECB governing council, in light