There are clear disadvantages to expanding the safety net to cover a wider range of firms as we did in the recent crisis. But we have seen that when market functioning is or could be substantially impaired, the effectiveness of our regular monetary policy tools is considerably diminished, with potentially severe economic consequences.
Wouldn’t it therefore make sense to publish the minutes of the meetings, as does the Fed? Indeed, these speculations confirm my opinion that, sooner or later, we should publish the minutes. What do the other Governing Council members think about that? When could the minutes be published for the first time? We are discussing this topic intensively.