Skip to main content

No need for more transparency at ECB says Noyer

BELGIUM - European Central Bank Vice President Christian Noyer said on Tuesday there was no reason for the time being to increase the banks transparency by publishing minutes of the ECB's closed-door meetings, but did not rule it at some point in the future.

"We feel that including the balance of votes is not very helpful. Why? We feel it would run the risk (of blurring) the idea that we have a collegiate responsibility," Noyer told the European Parliament's Economic and Monetary Affairs Committee.

Publishing results of votes, but without the names of the people concerned, might be possible in the future he said, but warned that such greater transparency could lead analysts to look for evidence that ECB members act in a national interest.

"We could of course publish balance of votes in anonymity...I personally don't exclude that at some point in the future it might be appropriate.

"For the time being I have the feeling it would seem to foster this whole game among journalists and market participants to know who said what and then immediately afterwards we would have the risk that the decisions on monetary policy would be analysed with the background of national preferences which would be very detrimental to the idea that we are all concentrating on the interested of the euro area.

"We feel that for the time being at least there is no need to depart from what we have said before."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.