ECB governing council may publish minutes to boost transparency, but concerns over perceived member independence

ECB president Mario Draghi has said that the governing council would be looking into better communication in an attempt to boost transparency and give an account of the “rationale” behind why certain decisions are taken or not. It is assumed he is talking about publishing the minutes of council meetings.

“We are already fairly transparent,” he said, pointing at monthly press conferences, ballots, and “many speeches,” but the council thinks it would be “wiser to have richer communication”. The board would be submitting its minutes proposal to the council this autumn.

However, he was keen not to politicise the discussions, given the multinational make-up of the eurozone. “We are not the US, we are not the UK, we are not Japan” he said. “It is especially important not put into risk or question the independence of members of the governing council”.

Draghi stressed he was unable to be specific at this early stage.