Such a measure would draw attention to individual positions when in a euro area of 15 – and very soon 16 – countries, what counts is the position of the collegial decision maker, the Governing Council. It could also lead to pressures on Governing Council members to abandon their necessarily euro area perspective when taking monetary policy decisions.
In Peter’s last year, 2006, I am told that SAMCo even realized a rate of return equal to 17% – about 7 percentage points higher than the average Dutch pension fund. That is what I would call a generous farewell gift! But Peter’s strong track record was not only established in the upswing.