There was a time when the ECB was ahead of the curve in its communications and transparency as first central bank with regular press conferences by its president. Now the ECB is the only large central bank that does not publish its minutes of meetings. There is a demand in society for transparency and accountability.
Pakistan had also immensely benefited from this evolution starting with the administrative and operational independence legislated first in 1994 and again in 1997 that completed its de jure independence. Before SBP’s independence, monetary and exchange rate regime had evolved from fixed peg up to early 1980s and managed float till 2000.