Indeed, in my early years as President of the Dutch central bank, I was confronted - in 1983 - with the decision of the Dutch government not to revalue the Dutch guilder in the European Exchange Rate Mechanism to the same extent as the German currency; a decision taken against the explicit advice of the Dutch central bank.
This decision resulted in a divergence between Dutch and German interest rates, which, unfortunately, came to haunt the Netherlands for almost eight years. The most important lesson of this event - for me and also for the government - was that to gain credibility in financial markets was very difficult, but to lose credibility was very easy.