Willem Duisenberg: consensus builder
The European Central Bank under president Wim Duisenberg has proven remarkably flexible on monetary policy. Modelled on Germany’s Bundesbank, most of the 17 members of its interest rate-setting governing council were inculcated with that institution’s hard-money philosophy. But not all of them.
Among the least Bundesbank-like on the council are bankers from Spain and Finland. One of their most significant victories has been the ECB’s decision to use a variety of inflation indicators rather than rely on money-supply figures.
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