11.   Issing said it also would be wise to discuss the process for setting the final exchange rates ahead of monetary union.

12.   Issing said the Bundesbank must bide its time before weighing further moves on the repurchase, or repo, rate.

13.   Issing said the fluctuations in money supply mean targeting must take a long-range view.

14.   Issing said.

15.   Issing said it is necessary and politically desirable to prevent countries from using the sale of state-owned assets in calculating whether they meet the deficit criteria.

16.   Issing said that central bank personnel must withstand political pressure from national governments if EMU is to be credible.

17.   Issing said the central bank is plying a steady course on interest rates and is in no hurry to adjust its third main policy tool, the repurchase rate.

18.   Money demand in the euro area should be stable enough for German-style money targeting, Issing said.

19.   Repeating a common criticism by the Bundesbank, Issing also said Europe made a mistake by pushing ahead with the single currency while efforts at political unification lagged.

20.   To ensure the European Central Bank can protect the common currency, the euro, from inflation, Issing said it must be free from any political influence.