Even so, they will diminish in significance – albeit not in the short run – as increasing experience is gained within the Eurosystem. 1  BIS Review 100/1999  It will certainly be interesting to see how the ECB responds the first time that it feels a “head wind”.
It is a long-standing experience of the Bundesbank that the acid test of monetary policy comes when a restrictive policy stance has to be pursued. In this context, the prevailing structure of the Eurosystem naturally raises a variety of special questions: 1. Will the ECB Governing Council act quickly and resolutely even if it were to be confronted with massive political opposition? 2.