I would like to say the following: Additional information presented to the general public actually enhances the transparency of monetary policy only if it can help to make the monetary policy decision-making process clearer than it was before. Specifically with reference to the publication of a model-based inflation forecast by the Eurosystem, that may be doubted.
Both of these events can be regarded as examples of a number of tests by the financial markets to see how serious the Member States really were on the issue of integration. In November 1993, the Maastricht Treaty came into effect following the ratification by the Member States. The Treaty laid down the convergence criteria which were a prerequisite for joining EMU.