Let me on this point quote Mario Draghi’s response during last week’s monetary policy press conference to a question by a journalist. “If I look at the ECB – now, of course I am a biased observer here – you would judge that the integration of monetary policy has been pretty successful. Why that?
Because we moved from a rules-based system that we had in the 1980s and 1990s to an institution-based system where you have co-decision. Co-decision in our sense, not co-decision in the way it’s been used in Brussels between Parliament and different institutions. So it’s a sharing of responsibility and a sharing of sovereignty, within the same institution.