The European Central Bank has made the decision to publish ‘minutes’ or ‘records’ of policy meetings.
This month it was also announced that the European Central Bank will meet every six weeks, instead of every month as they do at present, from January 22, 2015.
According to ECB President, Mario Draghi, extending the period between meetings will give the financial markets time to digest the minutes before the new meetings take place.
At present, the ECB publishes a record of its policy negotiations with a 30 year time lag.
While the publication of minutes has traditionally been objected, the threat of deflation has offset the objection to withhold such information, as policy makers believe that greater transparency will give the ECB a better chance of hitting their inflation target of below but close to two per cent.
Since winter 2013, an alternative version of minutes from the ECB’s policy meetings, known internally as ‘dry runs’, have been circulated among the ECB’s executive board, and more recently, among the national central bank governors.
This month, Mr Draghi announced that the ‘dry runs’ would form a template for public accounts, and would be set for release at the beginning of next year.
It is expected that the ECB will publish the minutes every 3-5 weeks after each meeting, and it is thought that the circulated documents will not detail the votes of individual members.
From January 2015, the ECB will join the Fed, the Bank of England, and the Bank of Japan in publishing accounts.