The European Central Bank is considering holding its meetings to set interest rates every six weeks instead of monthly, according to sources familiar with the discussions.
Extending the period between monetary policy decisions could help the ECB to agree and publish minutes before the next rate-setting session.
The timetable echoes that of the US Federal Reserve, which has eight scheduled meetings a year and publishes an account three weeks later.
ECB president Mario Draghi signaled last month that he wants to reduce the frequency of rate decisions and increase the transparency of the process to curb speculation over policy makers' plans.
The Frankfurt-based institution is trying to hone its communication strategy while guiding the 18-nation euro area through a gradual recovery against the backdrop of a prolonged period of low inflation.
"It's very clear that the frequency of our meetings leads the public and the market to expect action," Mr Draghi said on April 24 in Amsterdam. "Together with the publication of the minutes and with the need to avoid triggering short-term market noise, I think the Governing Council may consider to reflect on the frequency."
An ECB spokesman declined to comment on the schedule for meetings or plans for publishing the minutes.
Der Spiegel reported earlier this month that the central bank could cut the number of interest-rate meetings to as few as three per year.
The 24-member governing council, comprising the six-person executive board and the heads of the euro area’s 18 central banks, is the ECB’s decision-making body.
It currently meets near the start of each month to set monetary policy. The next rate decision is on June 5th in Frankfurt. Any reduction in the number of monetary policy meetings would potentially allow more time for the Governing Council to discuss other topics.
The central bank heads already gather in Frankfurt mid-month for decisions on matters other than interest rates. Their workload will increase from November, when the ECB becomes the single supervisor for euro-area lenders. Reducing the frequency would allow more time to review and agree on the minutes of the monetary decisions, a document that would help steer market expectations ahead of the next meeting.
Bloomberg
