Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

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

Don't Miss Out —
Follow us on:

May 24 (Bloomberg) -- 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.