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The Eurosystem

Transparent and Accountable or Willem in Euroland. CEPR Policy Paper No. 2

By (author) Otmar Issing
Format: Paperback
Publisher: Centre for Economic Policy Research, London, United Kingdom
Published: 31st May 1999
Dimensions: w 152mm h 229mm
ISBN-10: 1898128499
ISBN-13: 9781898128496
Barcode No: 9781898128496
ISSN: 1466-674x
This paper responds to some of the questions raised by Willem Buiter in his article 'Alice in Euroland' (CEPR Policy Paper No. 1) relating to the Eurosystem's approach to transparency and accountability. In his paper Willem Buiter makes a number of specific proposals designed to enhance the ECB's transparency and accountability. In his reply, Issing states that monetary policy-makers, like anybody else, have to filter, process and structure relevant information and interpret it on the basis of a coherent frame of reasoning. This is the purpose of adopting a monetary policy strategy that serves as a guide both for internal decision-making and for external communication with the public. Therefore, he argues, transparency and accountability need to be discussed against the background of the stability-oriented monetary policy strategy that the ECB has actually adopted and not as if it were pursuing some other strategy such as direct inflation targeting.

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