2  BIS central bankers’ speeches  Yet people had the impression that, on many decisions taken by the ECB’s Governing Council during the crisis, a small number of northern European countries which are possibly more stability-oriented were outvoted by the rest. Do you not find it problematic if a minority are always outvoted? It was not like that at all.
The three-year financing operations for banks, LTROs, were approved by the overwhelming majority of the Governing Council, including most of the members you are hinting at; OMTs were approved by all members of the Governing Council except one; the various interest rate cuts during the crisis were mostly unanimously supported, or with an overwhelming majority.