Such an accusation is baseless. Our positions are well argued, the German public is well informed, and it appreciates the Bundesbank’s clear stance. In such an exceptional situation in which the ECB Governing Council is acting at the outer edge of its mandate, there is bound to be a plurality of views – we are not a politburo.
By its actions in the marketplace and its chosen governmental structure, society reveals its preference for trading off leverage with its underlying risks and economic growth. Few, I presume, would argue that zero leverage is optimum. Fewer would argue that zero leverage is consistent with maximum growth. Yet the dangers of too much leverage are all too evident.