I am convinced that we have established a framework of monetary policy transparency at a level which compares favorably with that of any other central bank in the world. Our self-assessment published last summer, which was based on the IMF's "Code and Good Practice on Transparency in Monetary and Financial Policies," reaffirmed such recognition.
And while this is true generally, it is all the more so in the special circumstances we face coming out of the crisis – namely, where private debt stocks are high and policy interest rates are close  1  See Evaluation of the ECB’s monetary policy strategy.