1. This assessment is based on various remarks made by Duisenberg in answer to questions following press conferences. As an example, on 3 February 2000 he said: ‘First, there was no formal vote. Again, as I had hoped and as it was, it was a consensus decision’. Another example dates from 8 June 2000: ‘We had an intensive discussion, a prolonged discussion, which was very useful and, in the end, resulted in a consensus on what we had to do.’ Willem F. Duisenberg, President of the European Central Bank, ECB Press Conference, Frankfurt a. M., 3 February 2000 and ECB Press Conference, Frankfurt a. M., 8 June 2000.
2. If the President had the right of initiative, the status quo could take a dominant role. Cf. R. E. Baldwin, E. Berglof, F. Giavazzi and M. Widgren: Preparing the ECB for Enlargement, in:CEPR Policy Paper, no. 6/2001, p. 14.
3. Cf. Baldwin et al., op. cit.
4. Baldwin et al. rightly emphasise this, cf. op. cit. p. 23
5. Cf. E. Meade and N. Sheets: Regional Influences on U.S. Monetary Policy: Some Implications for Europe. In:Discussion Paper, no. 523/2002, Centre for Economic Performance.