One view was that less disclosure would reduce the risk and tamp down suspicions that some could take advantage of disclosures more readily than others. Some believed that markets would overreact to details about monetary policy decisions.
From a central banker’s perspective, this is urgently needed. Current proposals focus mainly on deeper fiscal integration, for example by introducing a dedicated euro-area budget, managed by a euro-area finance minister and under the control of a euro-area parliament. This would make the euro area more like other federal currency unions such as the United States.