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Central bank communication and transparency: the ECB and the European Parliament

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  • Ansgar Belke

Abstract

This paper considers a range of important issues concerning the transparency and accountability of central banks with particular emphasis on the so-called monetary Dialogue, i.e., the regular appearances of the President of the European Central Bank (ECB) before the European Parliament (EP). In order to highlight the key issues of central bank communication and the management of expectations referring to a practical institutional example, we comment on the role the Monetary Dialogue in the context of an evolving monetary policy. Communication is finally described as a policy option in terms of minimising risk in the context of exit from unconventional monetary policies and of the signalling channel which refers to what the public learns from announcements of unconventional monetary policy operations such as Quantitative Easing.

Suggested Citation

  • Ansgar Belke, 2018. "Central bank communication and transparency: the ECB and the European Parliament," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 11(5), pages 416-435.
    • Handle: RePEc:ids:ijmefi:v:11:y:2018:i:5:p:416-435
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    Cited by:

    1. Jonne Lehtimäki & Marianne Palmu, 2022. "Who Should You Listen to in a Crisis? Differences in Communication of Central Bank Policymakers," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 11(3), pages 33-57.
    2. Pavel Gertler & Roman Horváth & Júlia Jonášová, 2020. "Central Bank Communication and Financial Market Comovements in the Euro Area," Open Economies Review, Springer, vol. 31(2), pages 257-272, April.

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