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The European Central Bank (ECB) today announced that it will publish regular accounts of Governing Council monetary policy discussions, starting with the meeting on 22 January 2015.
The accounts will contain an overview of financial market, economic and monetary developments. This will be followed by a summary of the discussion, in an unattributed form, on the economic and monetary analyses and on the monetary policy stance. The accounts will offer a fair and balanced reflection of policy deliberations.
The aim is to provide the rationale behind monetary policy decisions and enable members of the public to improve their understanding of the Governing Council’s assessment of the economy and its policy responses in the light of evolving conditions.
When Lithuania joins the euro area on 1 January 2015, the Governing Council will consist of 25 members – the six members of the ECB’s Executive Board and the national central bank governors of the 19 euro area countries.
The accounts will be released four weeks after each meeting.
With the move to a new six-week cycle for monetary policy meetings starting in January 2015, the ECB also announces that a new Economic Bulletin will be published two weeks after each meeting. This will replace the Monthly Bulletin.