Is it worrying to see that economic integration is not progressing in the euro area? Yes, because in a monetary union, differences between countries shouldn't be such as to render monetary policy less effective. Economic structures may differ, but it would be better if economic cycles would converge. That is why we hope that economic cooperation in Europe will be strengthened.
In addition, we now publish full transcripts of our meetings after five years. Through these disclosures, together with congressional testimony, speeches by Board Governors and Reserve Bank Presidents, and the publication of the System's sizable research output, we endeavor to keep the public well informed.