Moreover, it is required by law to disclose the policy decision process of a central bank (Chart 14).7 In the current crisis, central banks around the world including the Bank of Japan have acted extremely vigorously, including taking extraordinary measures in rapid sequence. A series of measures have been substantially effective in stabilizing the crisis.
Participation by journalists in this type of conference should provide them with additional background information on monetary policy issues. This should serve to enhance the public’s knowledge of policy-making at the ECB, as well as to further consolidate the ECB’s openness, transparency and accountability.