Draghi favours publication of ECB minutes

European Central Bank president Mario Draghi has backed a move to publish minutes of its monthly governing council meetings rather than locking them up for 30 years.

His remarks come days after leading executive board members called for greater transparency in the Frankfurt bank, particularly in interest rate decisions. "I see [publishing] as a necessary next step, therefore the ECB executive board will present a proposal for discussion and decision at the governing council," said Mr Draghi to the Süddeutsche Zeitung daily yesterday.

ECB officials acknowledge that, compared to other leading central banks, their Frankfurt institution has fallen behind in communications. Though it is the only major central bank whose head holds regular press conferences, it gives little away as to how it reaches its decisions.

Mr Draghi’s remarks suggest he agrees with his most senior ECB staff members that the time had come to act on a discussion that has been percolating in the bank’s Frankfurt tower for 18 months.

"The minutes should include who voted for what, and the reasoning behind that vote," said Jörg Asmussen, an ECB board member, to the Süddeutsche on Monday. "Publishing the minutes will sharpen the European mandate, because the ECB will then have to explain why its decisions are in line with the European mandate."

Monetary policy decisions are taken by the bank’s governing council, comprising the six ECB executive board members and the euro area’s 17 central bank governors.

Another board member, Benoît Coeuré, said on Monday that publishing minutes would show that euro central bank governors do not play national roles in their Frankfurt deliberations.