It was a well-articulated frame of reference for our actions.” Until now the ECB has resisted publishing accounts of the Governing Council meetings, Mr Praet states. One reason was according to him, that offering even more information on the ECB’s policy deliberations, in addition to what was already being provided, would come at the expense of clarity.
On the other hand, publishing an account of the policy deliberations has now become “best practice” in the central banking community. Moreover, circumstances have changed, economic uncertainty has increased and the tools used now include nonstandard measures.