In the United Kingdom, the Bank of England Act of 1998, which established the operational independence of the Bank, also strengthened transparency measures that the Bank had implemented earlier in the 1990s. Like the Federal Reserve, these central banks announce policy changes after meetings of their monetary policy committees and hold press conferences or publish minutes to explain policy deliberations.
They also regularly offer detailed accounts of developments in the economy and provide projections for inflation and economic activity. Reasons for transparency Why is increased transparency viewed as such an important issue?