Top ECB official calls for more transparency

Tim Wallace
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PUBLISHING monthly minutes of the European Central Bank’s (ECB) meetings would increase transparency and help make policy decisions clear to markets, top official Jorg Asmussen said yesterday.

The Bank of England and Federal Reserve both publish minutes after every meeting, giving markets more guidance on how their monetary policy decisions were made.

The publications also give more information on how policy could change in coming months, based in policymakers’ view of the economy and financial markets.

“The increasing role of central banks in crisis and economic management requires greater accountability, which calls for more transparency. The governing council is evaluating how to enrich the communication strategy of the ECB,” Asmussen said.

“In my personal view the minutes should include who voted for what,” he added.