BIS central bankers’ speeches  3  How do you view the issue of transparency? Should the minutes of Governing Council meetings be published? Central banks manage a public good and should therefore be accountable to the public for their actions – all the more so if they are operating at the limits of their mandate.
They then have an even greater obligation to explain that they have looked at the risks and side-effects of their policies. But transparency is not simply a matter of publishing minutes. Is that something you would oppose? That depends on the proposal. I see little reason not to disclose more of the arguments discussed by the Governing Council – without naming individual Council members.