Most of all, being open in spirit and mindset, staying open to diversity, being comfortable working in multi-cultural settings, thriving in a globalised world. We must also remain a resilient society. Able to ride the ups and downs of business cycles and structural changes. Able to adapt, learn new skills, continually improve. We must become a more innovative society to be dynamic. Willing to experiment and accepting failure as a halfway house to success. Investing in R&D, leveraging on technology. Most of all, having an enterprising spirit – always seeking new and better ways to do things. In the end, we must be an inclusive society. It is probably not a coincidence that IPS has chosen to make the theme of this conference ‘Together’. The two forces that offer the most promise for sustained economic dynamism are globalisation and technology. But how far we can reap the benefits of globalisation and technology will depend on how well we bring all our people together. The path of dynamism is also the path of continuous disruption, even dislocation. To sustain the momentum and consensus in favour of globalisation and technology, we must help those adversely affected by them and equip Singaporeans to succeed. And to maintain cohesion in the face of population ageing and growing healthcare burdens, those who have benefitted from our growth and dynamism must contribute to the larger society – through taxation, philanthropy, community service. We then become not just a dynamic people but also a compassionate one.
Finally and most importantly, following monetary policy decisions, the President and VicePresident of the ECB hold a press conference followed by an open discussion with journalists, the transcript of which is published on the ECB’s website. It should be recalled that the ECB was the first central bank to adopt such a procedure, which provides a unique opportunity to fully explain and comment monetary decisions immediately. On the other hand, the Governing Council of the ECB has chosen not to publish the minutes of its meetings. The publication of these minutes would indeed present some drawbacks: -  first, governing council members may “speak for the minutes” when these are very detailed, while, when they are not detailed, may not convey more information than a plain communiqué;  -  second, the publication of the minutes might also create more difficulties for moving from initial positions to new ones in the light of the arguments developed;  -  finally and most importantly, in the case of the euro area, the analysis of the votes could be read and interpreted as reflecting national interests or preoccupations,  2  BIS Review 113/2007  which would be misleading and could jeopardise both the independence of the members of the Governing Council and the credibility of our decision-making processes. The Eurosystem is based on operational decentralisation The third imperative, operational decentralisation is an essential feature of the Eurosystem.