Transparency and accountability are also important pillars of central bank independence and the ECB places a high value on them. Together with delivering on the mandate, they also form the cornerstone of public trust in central banks. The ECB enjoys a high degree of independence in the international comparison, which is matched by stringent transparency and accountability requirements.
Indeed, we regard accountability as just “the other side of the coin” of central bank independence. Looking ahead, central banks should get used to receiving closer scrutiny and in my view should not eschew even higher standards of transparency. It is not surprising that the use of new and non-standard tools attracts closer attention and sometimes even criticism.