The Transparency and Credibility of the European Central Bank

Jakob de Haan · Fabian Amtenbrink · Sandra Waller

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Monetary Policy and Economic Impact European Union Policy and Governance European Monetary and Fiscal Policies

Abstract

Abstract The European Central Bank (ECB) ranks highly on our proposed central bank disclosure indicator, measuring activities of central banks to enhance the public's understanding of their policies. Nevertheless, our survey evidence suggests that private‐sector economists do not consider the ECB transparent. We argue that this may be caused by the quality of the information provided by the ECB. In addition, the way intermediaries report on the ECB may influence the public's perceptions. The ECB also does not rank highly in terms of credibility; still, most ECB policy decisions were in line with financial markets' expectations.

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References

1986A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information 1999Central Bank Credibility: Why Do We Care? How Do We Build It?1999Alice in Euroland 1999The Eurosystem: Transparent andAccountable or ‘Willem in Euroland’1997New Techniques to Extract Market Expectations from Financial Instruments 2012Monetary Policy Frameworks in a Global Context 2003Accountability and Legitimacy in the European Union 2003Which Kind of Transparency? On the Need for Clarity in Monetary Policy-Making

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