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I think that that has to be related to the problems within our own country. I was reading in the papers today that there's a grave concern about what our role should be, how it should be handled, and how we should better manage our own domestic economy. And I think that this is becoming a serious issue. And it's gonna have to be addressed by any politicians who wish to be re-elected. They have to see that the issue of our economy and what influences it is better understood and more successfully addressed.
If Parliament, public and press have now braced themselves to accept the plain and obvious truth that Cabinet discussions are interesting, vigorous and sometimes revolve around alternative policies, why should even the disclosure of an outline of the points at issue—while these discussions are in progress—be guarded against so relentlessly and so ineffectively from any risk of publicity? ... Secrecy in decision-making does not occur by accident or default. It is because knowledge is power, and no government willingly gives up power to the Commons, the public, or anyone else. Open government would disclose more about the processes of decision-making, including the workings of the Cabinet committee system, reveal the roles of officials and advisers, and involve both admitting and encouraging pressure upon ministers. ... If parliamentary democracy is, as I believe, a unique system of government, partly because it allows us to learn from our own mistakes in time to correct them, the raw material of that experience must be made available in time to use it for that purpose.
Some information is classified legitimately; as with military hardware, secrecy sometimes really is in the national interest. Further, military, political, and intelligence communities tend to value secrecy for its own sake. It's a way of silencing critics and evading responsibility - for incompetence or worse. It generates an elite, a band of brothers in whom the national confidence can be reliably vested, unlike the great mass of citizenry on whose behalf the information is presumably made secret in the first place. With a few exceptions, secrecy is deeply incompatible with democracy and with science.
One needs a complex package of policies and, as we always stress, structural reforms come first, because many of the problems of the euro area are structural. And I'm sure that's also the biggest fear for the Governing Council as a whole. We discussed the possibility of negative deposit rates, but our objective is maintaining price stability.
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