Will ECB publish its MPC minutes??

If ECB starts to publish minutes of its MPC, it is likely to be as exciting as any thriller.

Two members of its executive committee Benoît Coeuré and Jörg Asmussen in a joint interview say that ECB should publish its minutes:

That is right, you communicate a great deal – but on the other hand, what was said at the meetings of the governing council is still a big secret. How does that fit together?

Coeuré: Transparency is important for the effectiveness of monetary policy and for trust in the central bank. There was a time when the ECB was ahead of the curve in its communications and transparency as first central bank with regular press conferences by its president. Now the ECB is the only large central bank that does not publish its minutes of meetings. There is a demand in society for transparency and accountability. Therefore, I personally think that the ECB should start publishing its meeting minutes soon.

Into how much detail would these published minutes go? 
Asmussen: The minutes should include who voted for what, and the reasoning behind that vote. Publishing the minutes will sharpen the European mandate, because the ECB will thenhave to explain why its decisions are in line with the European mandate.
If you publish who voted for what, the Board and the governors of the national central banks might face enormous pressure from the financial industry. 
Coeuré: The other side of the coin is, as Jörg has said, that the Governing Council has a European mandate. The governors of the national central banks come here in a personal capacity – they do not represent their institutions or their countries – and should be 
accountable for what they do. 

You said that change might come soon. Is there a majority for it in the Council?
Asmussen: Every majority starts as minority. It is an ongoing discussion in the Council.

It will be a fascinating reading. Igf they agree to publish the minutes, they should also release minutes of the previous meetings especially the crisis period..

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