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The evolution of the ECB governing council’s decision-making

Claeys, Gregory, (2019),”The evolution of the ECB governing council’s decision-making“,,  Ιούνιος

Given the peculiar multi-country nature of the Eurosystem, taking monetary policy decisions by unanimity, or at least by consensus, was considered a priority by the founder members of the governing council of the ECB to ensure that the new central bank would be seen as speaking with one ‘supra-national’ voice. That is why ECB President Duisenberg declared in July 2002 that “the Governing Council’s decisions are decisions by a collegiate body and that every individual member of that body will defend and describe the outcome of certain discussions as if he had been 100% enthusiastic about those decisions. They will be supported by the entire Governing Council.”

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