FRANKFURT – European Central Bank head Mario Draghi says the bank’s rate-setting council should publish a written account of its deliberations — without names.
Draghi said Thursday that a “more detailed explanation of the reasoning” behind bank’s decisions would help its monetary policy work its way through to the economy by making clear why the bank was acting — and how it might react to future trouble.
Draghi said any minutes must omit names to protect the independence of members who could be exposed to national pressures back home. The ECB’s 24 governing council members set monetary policy for the 18-country eurozone as a whole, not for their individual country.
Other central banks, like the U.S. Federal Reserve, release minutes with a delay.