The ongoing increase in real globalisation has been coinciding with a decline in inflation rates worldwide over the past decades. It is not surprising that these parallel developments have been given a causal interpretation along the lines that increased real globalisation has been driving down inflation rates.
Recently, we have heard many voices, among political decision-makers, on the one hand, and academic researchers, on the other, who have emphasized the necessity of the accountability and transparency of the ECB. Central banks and central bankers have since the onset of liberalization understood that one essential ingredient of monetary policymaking is openness.