Recent studies show that people’s knowledge and understanding of the objectives and principles of monetary policy influence inflation expectations[1] as well as trust in the European Central Bank. [2] At the same time, these studies indicate that the level of knowledge and understanding can be further improved.
We have taken several initiatives in this area in the last years, such as publishing the accounts of our monetary policy discussions and the diaries of the Executive Board members. But we can certainly do more to facilitate the understanding of the ECB’s role and policies by the general public.