In this sense, transparency does not only serve accountability, but also helps the markets to trace, to understand and broadly anticipate how monetary policy systematically reacts to observable data and indicators, thereby enhancing the credibility, predictability and effectiveness of monetary policy. The ECB has played a leading role in this general trend towards greater transparency and openness.
It has in fact set standards of transparency in the practice of monetary policy. Acknowledging that transparency ultimately is about public understanding of what we do and why, we have from the very beginning practised an open and transparent communication with market participants and the public at large.