A call for publishing ECB Council meeting minutes

Abstract

By publishing Governing Council meeting minutes, the ECB could improve the transparency and efficiency of its monetary policy substantially, thereby supporting its stability-oriented course for at least two reasons. First, publishing minutes should induce a positive disciplinary incentive for (i) improving the quality of the internal discussion among Council members and (ii) counteracting any inclination on the part of Council members to deviate from a euro-wide oriented monetary policy. Second, minutes should help keeping a better balance of “influence power” between ECB Executive Board members and NCB presidents compared to the current status quo. The rationale for publishing minutes should increase in view of the foreseeable extension of the Governing Council due to the Eastward extension of the euro area and the envisaged reform of the Council’s voting modalities. Note that ECB Governing Council meeting minutes shall not necessarily attribute names to individual statements made in Council meetings; they shall serve to explain the ECB Council’s thoughts, discussions and decisions to the public.