Decision making in the ECB's Governing Council - Should minutes and forecasts be published?
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.
The text is part of a series Royal Economic Society Annual Conference, 2003 Number 214
Classification:
E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System ; E58 - Central Banks and Their Policies ; F33 - International Monetary Arrangements and Institutions