It is a long-standing experience of the Bundesbank that the acid test of monetary policy comes when a restrictive policy stance has to be pursued. In this context, the prevailing structure of the Eurosystem naturally raises a variety of special questions: 1. Will the ECB Governing Council act quickly and resolutely even if it were to be confronted with massive political opposition? 2.
11 / 11  BIS central bankers' speeches