In practice, monetary policy cannot be conducted with any great degree of flexibility and the central bank can only purchase FBs and TBs when there is  8  BIS Review 29/2003  a strict rule preventing it from taking on any risk, because to do so would involve stepping into the territory of fiscal policy.
But more disclosure as such does not necessarily result in greater transparency. On the contrary, rather than just expanding their disclosures, firms should pay attention to the quality of information as well. In short, information disclosure needs to be timely, reliable, relevant and sufficient. Importantly, public disclosure of high quality information contributes to corporate governance.