First, there has been a general acknowledgment, and recent reinforcement of the lesson, that prudent fiscal policy is crucial to economic stability, and several of the economies of the region have made significant strides in this direction. While much is left to do in this sphere, it does appear that many countries have learned the benefits of prudent fiscal policy.
It is still early days and it remains to be seen how this evolves in an environment of improving economic data and a generalised increase in global long-term rates. The second one is the discussion regarding the publication of the minutes of Governing Council meetings. The increasing role of central banks in crisis and economic management requires greater accountability, which calls for more transparency.