Information is a crucial element in the formation of an effective democracy … the so-called great newspapers inform better, but they also misinform better; by not publishing all the news impartially; by slanting headlines in addition to writing headlines that often do not conform with their accompanying text; by being partisan in their editorials, written under the cover of seemingly reasonable and moralising language.
In fact, the newspapers, the magazines, television and radio produce a commodity: news, from the raw material of events, and barely gives the citizens an opportunity to penetrate through the surface and recognise the deeper causes of events … The information problem must be solved in a different way if informed opinion and decision are to be possible.” Transparency and communication have become integral to modern central banking, and although part of our communication is directly with the markets or the public, it is generally reported by the media as well.