Let me first cover the discussion about the number of decision makers. In comparison with other central banks, the current size of the ECB’s Governing Council is large. We have 18 members. That has not been a problem in taking interest rate decisions to date. In fact, my experience is that we are able to efficiently discuss the key issues and reach our decisions.
Nevertheless, we cannot continue to expand the Council without limit. However, the problem is, in my view, largely one of perception. There are concerns that we will be unable to take decisions efficiently and that enlargement may lead to a focus on national developments, rather than on the euro area as a whole.