This is an interesting question, one that deserves scrutiny. But it is really the same as the question: Should policy be preemptive or reactive? As a forecaster, I am inclined to believe in the forward-looking approach and therefore in preemptive policy. But I recognize that further work should be done on this subject.
His leadership as President of the ECB has shown a remarkable ability: To evaluate the context; To separate what is essential from what is secondary; To build consensus within the ECB’s Governing Council to pursue the required unconventional policies; And last, but not least, to convince European leaders of the need to strengthen the foundations of the EMU.