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ECB’s ‘One Man, One Vote’ Rule Was a Mistake, Poehl Tells Cicero

Former Bundesbank President Karl Otto Poehl said he was wrong to insist that members of the European Central Bank’s Governing Council have an equal say in policy decisions, Cicero magazine reported.

“That was really my mistake,” Poehl said in an interview. “We didn’t think about the possibility of countries like Malta or Cyprus becoming members of the monetary union.”

Poehl’s successor at the helm of the Bundesbank, Hans Tietmeyer, told the magazine he considered “the principle of ‘one man, one vote’ to be wrong from the beginning.” However, Poehl insisted on that system when the Maastricht Treaty was being negotiated, Tietmeyer said, according to Cicero.

To contact the reporter on this story: Jana Randow in Frankfurt at jrandow@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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