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Decision making in the ECB's Governing Council - Should minutes and forecasts be published?

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  • Waisman, Gisela

    (Stockholm University)

Abstract

Governments seem to influence the decisions taken by the Governing Council of the ECB. It's been argued that the publication of forecasts and minutes of the Governing Council's meetings would have a negative effect due to the influence of governments on their representatives' votes. In my model, such information reduces their influence and benefits the Executive Board. Governments benefit from the publication of minutes, while they sometimes disagree with respect to the forecasts. The model suggests that the EMU members may want to withhold the publication of forecasts when taking enlargement with a more heterogeneous group of countries into account.

Suggested Citation

  • Waisman, Gisela, 2003. "Decision making in the ECB's Governing Council - Should minutes and forecasts be published?," Royal Economic Society Annual Conference 2003 214, Royal Economic Society.
    • Handle: RePEc:ecj:ac2003:214
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    Cited by:

    1. Sirchenko, Andrei, 2010. "Policymakers' Votes and Predictability of Monetary Policy," University of California at San Diego, Economics Working Paper Series qt8qj3z3qg, Department of Economics, UC San Diego.

    More about this item

    Keywords

    European central bank; EMU; monetary union; voting; transparency;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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