Clearly, the principle implies that, to a large extent, the spokes of the System take care of both inputs and outputs. Given the heterogeneity of the euro area, this bottom-up approach to System tasks makes sense. Thus, in dealing with economic, structural, or even linguistic differences and national preferences, the spokes are better positioned in the operation of monetary policy.
And even during the 1990s this topic has come up in debates time and again, as for example when the dollar was devalued in 1995. Some people now fear that the establishment of the new “dollar/euro/yen” triad may lead to a retrogression in international cooperation.