In spelling out the conditions for exercising the “lender of last resort” function of the central bank, Gerald Corrigan used the words “constructive ambiguity” 9 when he was President of the Federal Reserve Bank of New York. In recent years, the pendulum had swung substantially toward transparency.
But for the sake of honesty, it should also be said that the particularly safe savings deposits held at credit institutions once attracted a higher rate of interest, but then again, the rate of inflation at that time was much higher, too.