own activities with regard to training and the provision of information. in the second phase, scheduled for the second half of 2001, the general public will actively be informed by means of a centralised mass media campaign to ensure the smooth changeover to the euro banknotes and coins. the main communication tools will be television spots and widely distributed printed matter supported by radio spots and both billboard and press advertisements. i should like to stress that due account will be taken of the specific needs of the various groups of vulnerable citizens in the conduct of the campaign. close coordination with the eu institutions and the member states will ensure the provision of consistent information.

president was mandated to convey the governing council ’ s views to the president of the ecofin council. through its representation in all - relevant international institutions and fora, the eurosystem has been able to participate actively in ongoing discussions over the past year. the eurosystem actively supports those efforts made by various institutions and fora - such as the imf, the world bank, the financial stability forum and the basel committee on banking supervision - to enhance transparency and to improve the soundness both of financial systems and of regulatory and supervisory frameworks. owing to the fact that unsustainable exchange rate regimes were a factor behind financial crises of previous years, recent discussions have focused in particular on the choice of appropriate exchange rate arrangements. the governing council is of the view that such a choice should not be confined to alternative solutions of either a hard peg or free floating. intermediate regimes, such as adjustable pegs, may suit the needs of emerging market economies, depending on their specific domestic and external conditions. refocusing the role of the imf has been central to most recent reform proposals. the governing council is of the view that strengthening the key responsibilities of the imf, namely further enhancing its credibility as a policy adviser and provider of financial assistance to members facing a loss of market confidence, will make an important contribution to international monetary stability. as regards crisis management, the eurosystem is looking forward to seeing further progress in the complex but crucial area of ensuring private sector involvement in crisis prevention and resolution. second, the governing council approved the overall framework for the euro 2002 information campaign - a europe - wide campaign intended to familiarise citizens with the euro banknotes and coins. the main objectives of the campaign are to help citizens : • to recognise the euro banknotes and coins and, in particular, their security features, • to familiarise themselves with the different ( and, in many cases, new ) denominations of the euro banknotes and coins, and • to inform themselves about the means by which the euro banknotes and coins will be introduced on 1 january 2002. the strategy behind the ecb ’ s campaign is based on the concept of cooperation with “ multipliers ”, such as banks, retailers and their associations, as well as educational institutions and governmental authorities, at both a european and a national level. the campaign will be conducted in two main phases. in the first phase, which is about to start, the “ multipliers ” will be approached in order to prepare their