2 The Terrace, PO Box 2498, Wellington 6140, New Zealand Telephone 64 4 472 2029 Online at www.rbnz.govt.nz  2  Introduction Tēnā koutou katoa, Thank you for inviting me to this panel discussion.
How do you view the ECB’s institutional framework in light of recent events? Is the “one man, one vote” principle for monetary policy decisions still right? The principle is right as long as monetary policy does not take on substantial fiscal tasks. If we return to traditional monetary policy, this will cease to be an issue.