Monetary dialogue 2009–2014: Looking backward, looking forward

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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.
Original languageEnglish
Pages (from-to)1-10
JournalKredit und Kapital
Volume48
Issue number1
Publication statusPublished - 2015

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European Central Bank
transparency
dialogue
parliament
reform

Keywords

  • Central bank transparency
  • central bank communication
  • macroeconomic policy

Cite this

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title = "Monetary dialogue 2009–2014: Looking backward, looking forward",
abstract = "When comparing the transparency of the ECB now with the transparency of theECB about one decade ago, we notice that transparency still can be improved ina few ways. In particular the disclosure related to the ways decisions are reachedand the disclosure on its policy (what is the envisioned path of policy?) could beimproved. We call for action and in particular we suggest to release minutes andvoting records, while also engaging in more explicit and concrete forwardguidance. At the same time, we call for a reflection on the institutional setup ofthe ECB. This is less urgent than the reform with respect to transparency, but inthe medium term a necessary exercise. We believe that also in the 8th term of theEuropean Parliament, the Monetary Dialogue will have a role in spurring the debateand possibly influencing the ECB, as it has done in the past.",
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Monetary dialogue 2009–2014 : Looking backward, looking forward. / Eijffinger, S.C.W.

In: Kredit und Kapital, Vol. 48, No. 1, 2015, p. 1-10.

Research output: Contribution to journalArticleScientificpeer-review

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