OECD urges clearer central bank line

In a report on the euro zone the OECD rejected the often-put argument that the ECB should - in the interest of transparency - …

The Organisation for Economic Co-operation and Development (OECD) suggested the European Central Bank adopt clearer communication and hold fewer meetings of its rate-setting governing council.

In a report on the euro zone the OECD rejected the often-put argument that the ECB should - in the interest of transparency - publish the minutes of governing council meetings.

It said the divergences surfacing during a debate leading to a decision can be confusing.

But it suggested the ECB reconsider the current balance between its reliance on carefully scripted written statements and press conferences or interviews "with more weight being given to the former in the hope that a bit less transparency of an impromptu kind would provide for more clarity".

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The OECD said holding few meetings of the governing council could simplify communication with the markets.

AFP