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This note analyses a peculiar feature of the ESM, namely the lack of an acceptable set of standards for the fundamental democratic principle of transparency. Moving from the particular nature of this mechanism, we will highlight the most critical concerns connected to secrecy, confidentiality and inviolability of documents, looking not only at the ESM Treaty but also at relevant documents approved by its bodies (in particular the Code of Conduct and the By-Laws).doi:10.1515/pof-2015-0021 fatcat:zkamhb3oundt7hzdzbiq2sjlhq