Europe to follow major central banks by publishing minutes

 
Chris Papadopoullos
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THE EUROPEAN Central Bank (ECB) yesterday confirmed it would publish minutes of its monetary policy meetings from January’s meeting onwards.

Up until now it has been a mystery what European officials have discussed when deciding the level of interest rates.

The January meeting will be held on the 22nd while the minutes will be released four weeks afterwards.

The minutes will contain a summary of the discussion, but in an “unattributed form”.

They will also include a discussion of market, economic and monetary developments and may shed some light on the divisions between ECB officials.

ECB chief Mario Draghi has made it clear he intends to buy government bonds in early 2015, but it is understood he faces opposition from other members of the committee.

However, it is not clear whether voting patterns will be included.

“There is no mention of publication of voting patterns, which is conspicuous by its absence,” said economist Ken Wattret from BNP Paribas investment bank. Currently, the Bank of England, the US Federal Reserve and the Bank of Japan all publish minutes.

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