I only want to cast one vote, and then I will leave. But I can tell you that until now I have never been outvoted. But he acknowledged that officials like himself will become even more vital to maintain stable international institutions as the global village becomes a reality. Politicians, and not unelected authorities, must take political decisions. But we are living in a world where financial markets are instantaneous, and the behavior of central banks plays an important role in what I call the confidence game.
Central bankers have to follow verbal discipline.
They have to be aware that a wrong word or sentence can create a lot of problems. It is not a question of power but of the fact that they are watched and assessed so closely by the key market players. Politicians and voters, however, are questioning the accountability of central bankers who never have to answer to public opinion. In his open letter, Schmidt said he was incensed by Tietmeyer's arrogant manner in asserting Bundesbank policy and imposing its decisions on long-suffering neighbors. Your views have made Germany even more unpopular.