We must, in this regard, work to make sure that the public pays close attention to what the Bank says. And such authority is not bestowed from the outside, but must be built up from within ourselves. It can be established only when we cultivate our abilities. Our words and our will alone do not suffice.
But it becomes a problem when the debate does not contain all the facts. If politicians put forward supposed alternatives, then they also need to be honest with citizens about their consequences. Take for instance the common claim that “austerity has failed” and that, to get back to growth, fiscal policy has to be loosened.