Transparency is a relatively new concept in Europe. For centuries, the continent was shaped by institutions that jealously guarded their secrecy. For example, the Council of Ten, which ran the Republic of Venice for almost 500 years, took its decisions in camera.

The European Central Bank follows this tradition. What is said in council has remained in council since it was set up in 1998. Because of the rule that minutes cannot be published for 30 years, the public will have to wait until 2028 to discover what was said at the inaugural meeting in Frankfurt.

Erkki Liikanen, the head of Finland’s central bank and a member of the ECB’s governing council, would like to change this rule. The minutes of the governing council should be published well before three decades, “so that everyone can follow the discussions”. Jens Weidmann, head of the Bundesbank, and Mario Draghi, ECB president, are reportedly not opposed.