This shapes the views I express in the ECB Governing Council, and it also shapes the views of my Bundesbank colleagues in the different Eurosystem working groups. It is simply the nature of things that debate in the Eurosystem’s committees can become heated on occasion, particularly in times like these, which present us with monetary policy challenges.
But it is at precisely these times that I believe there should be intense debate about the right path for monetary policy. And I am also certain that this debate is enriched by the many different perspectives and experiences the Eurosystem’s central banks bring to bear. But of course, this doesn’t mean that every decision results in the outcome I would like.