way or another. in this context, the crucial question is how “ orderly ” such an involvement should be. in their efforts to secure adequate private sector involvement, debtor countries should try to reach market - based and cooperative solutions with all classes of creditors, respecting comparable treatment among and within different classes. we are convinced that a strengthened framework based on these principles would create the right expectations in both the private sector and the official sector. it would also allow for sufficient flexibility to address specific cases in the course of a crisis. conclusions i shall bring this talk to a close by drawing a few basic conclusions. in principle, the introduction of the euro should simplify international cooperation by reducing the number of key players in the international arena. in this new streamlined international setting, the euro area can be expected to play a greater role and to gain a higher profile. in this respect, the ecb is already a potentially influential participant in the process of international cooperation. at the same time, the ecb is a new player in this process, and its role will therefore evolve over time.

shall focus on the multilateral relations which the ecb - and more generally, the eurosystem - maintains with other policymakers at the international ( ie neither euro area nor european union ) level. these relations are promoted within organisations such as the imf, the oecd and the bis, as well as in fora such as the g7 and the g20. i shall first provide a brief overview of the current relations of the ecb and the eurosystem, both from an institutional angle and from the point of view of their rationale. without wanting to be exhaustive, i shall then highlight a few challenges which the ecb - and, more generally, the international official community - may be confronted with. in this context, i shall outline the ecb ’ s assessment of a more specific issue, namely the issue of private sector involvement in the resolution of financial crises. 1. the ecb and the process of international cooperation institutional framework the treaty establishing the european community ( the “ treaty ” ) stipulates which european institutions are allowed either to speak or to act on behalf of the euro area at the international level. the euro area, like the eurosystem, has no legal personality. this implies that the euro area cannot negotiate and conclude public international law agreements or become a member of international organisations. this also implies that the euro area has to be represented externally by community institutions or bodies which have a legal personality ; this means : ( 1 ) the council of the ministers of finance and economy of the eu ( “ ecofin council ” ) ; and ( 2 ) the ecb and, in accordance with an ecb decision, one or more ncbs. while the treaty provides for interaction between the ecofin council and the ecb in a number of cases, these entities have well - defined responsibilities. this legal framework provides guidelines to give the euro area a voice at the international level. in particular, when the external representation of the euro area in the field of international cooperation involves the tasks entrusted to the eurosystem, decisions are centralised in the hands of the governing council of the ecb. this facilitates the decision - making process with regard to external representation. while ncbs may participate in international fora depending on their respective memberships ( eg g7, g10, g20 ), the participation of the ecb in all relevant fora gives continuity and visibility to the external representation of the euro area. the roles the ecb plays in