Professor Patrick Honohan:

I don't think so, actually. It may be a committee - which in the European structure and Jean-Claude Trichet would always say this and he's probably right - that as an institution, it is organised and disciplined and able to arrive at quick decisions and to implement what it decides to do within its mandate. So, it's very well-organised. And this is one of the reasons why Jean-Claude Trichet stepped forward in the middle of 2010 and then through that period 2010-2011, in an environment where, I believe, he saw that the complexities of decision-making in Europe gave the need for a clear voice, which he would express.