We need effective communication and a proper public debate. This is especially true for the envisaged next steps towards deeper integration in Eurozone. Why am I telling you this? Because it sheds light on the nexus between a new class of opinion formers, financial markets and policy outcomes.
For the euro area and the ECB, the situation is even more peculiar, because the influential “commentariat” comes predominantly from outside the euro area. The big English-language newspapers, the news agencies and wire services that shape opinions in the economic and financial sphere on the Continent are all writing from outside the euro area. There is, of course, nothing wrong with friendly outside advice.