Abstract
When comparing the transparency of the ECB now with the transparency of the
ECB about one decade ago, we notice that transparency still can be improved in
a few ways. In particular the disclosure related to the ways decisions are reached
and the disclosure on its policy (what is the envisioned path of policy?) could be
improved. We call for action and in particular we suggest to release minutes and
voting records, while also engaging in more explicit and concrete forward
guidance. At the same time, we call for a reflection on the institutional setup of
the ECB. This is less urgent than the reform with respect to transparency, but in
the medium term a necessary exercise. We believe that also in the 8th term of the
European Parliament, the Monetary Dialogue will have a role in spurring the debate
and possibly influencing the ECB, as it has done in the past.
ECB about one decade ago, we notice that transparency still can be improved in
a few ways. In particular the disclosure related to the ways decisions are reached
and the disclosure on its policy (what is the envisioned path of policy?) could be
improved. We call for action and in particular we suggest to release minutes and
voting records, while also engaging in more explicit and concrete forward
guidance. At the same time, we call for a reflection on the institutional setup of
the ECB. This is less urgent than the reform with respect to transparency, but in
the medium term a necessary exercise. We believe that also in the 8th term of the
European Parliament, the Monetary Dialogue will have a role in spurring the debate
and possibly influencing the ECB, as it has done in the past.
| Original language | English |
|---|---|
| Pages (from-to) | 1-10 |
| Journal | Kredit und Kapital |
| Volume | 48 |
| Issue number | 1 |
| Publication status | Published - 2015 |
Keywords
- Central bank transparency
- central bank communication
- macroeconomic policy