In the speech 'Europe and the US: Partners and Competitors - New paths for the future' given on 28 October Otmar Issing of the ECB said we at the European Central Bank are very much aware of our responsibilities in a world characterised by close trade and financial linkages between countries and regions. With the euro being the world's second most important currency, these responsibilities must not be ignored. The important issue is how these responsibilities are translated into concrete policy