One way of limiting moral hazard problems was to engage in tough negotiations with the banks that needed support and to enforce the principle that losses were to be covered in the first place with the capital provided by shareholders.
It also reflects Otmar Issing’s general open-mindedness towards sceptics and outright critics alike. As an example, let me briefly recall the controversial issue about whether or not the Eurosystem should use its two-pillar-strategy for conducting monetary policy, or, more generally speaking, whether or not monetary aggregates should play a prominent role in monetary policy, a question of ongoing relevance.