The ECB’s Communication Strategy: Limits and Challenges After the Financial Crisis

15-01-2020

Given its central role in public accountability and in the formation of expectations, it is important to reflect on ways to improve the ECB’s communication policy. Communication should not generally strive for maximum transparency. The optimum degree of transparency varies between different aspects of monetary policy and banking supervision. Although the ECB already communicates very openly with the public and achieves a very high level of transparency in all aspects, we see room for improvement in its communication strategy in several respects. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Given its central role in public accountability and in the formation of expectations, it is important to reflect on ways to improve the ECB’s communication policy. Communication should not generally strive for maximum transparency. The optimum degree of transparency varies between different aspects of monetary policy and banking supervision. Although the ECB already communicates very openly with the public and achieves a very high level of transparency in all aspects, we see room for improvement in its communication strategy in several respects. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Auteur externe

Kerstin BERNOTH and Geraldine DANY-KNEDLIK