The question of the division of labor between the ECB and the national central banks had yet to be resolved, another topic which has remained relevant to this day.
One important issue was whether the conduct of money market operations should be decentralized, as Jean-Claude Trichet, then governor of the Banque de France, advocated, or whether it should be centralized, as Alexandre Lamfalussy and Hans Tietmeyer, president of the Bundesbank argued.