The members came more and more to feel themselves part of a joint body with a common responsibility for the stability of the D-Mark. This principle of collegiality prevents exaggerated centralism - both on the Board and in terms of the President. At the same time it prevents fragmentation. There is no horse trading, no coalitions geared to special interests.
Despite all the differences in the detailed judgements, the common orientation towards the goal of monetary stability predominates. Two institutional factors played a crucial role in encouraging the development of the collegial principle. Firstly, the role of the President. He is primus inter pares - no more and no less. As opposed to some other countries, we do not have a hierarchical presidential constitution.