–Says Issue Of Publishing Minutes Complex, But Is Open To It
LONDON (MNI) – The European Central Bank’s Governing Council did
not discuss changes in interest rates at its policy meeting today,
President Mario Draghi said today.
“There was no discussion, so in a sense it was a unanimous decision
about interest rates,” Draghi said.
Draghi suggested there was more of a priority now being put on
non-standard policies because the ECB’s policy rates are not being
transmitted smoothly throughout the Eurozone.
“Non-standard monetary policy measures are being designed and
implemented when the standard ones are not fully effective, otherwise we
would stay with the standard monetary policy measures,” he said.
“We have to see if we can repair the monetary policy transmission
channels,” the ECB chief added. “The rate of change in prices is in line
with medium-term price stability according to our definition. That is
the assessment we made about the interest rate….As i said there was no
discussion (of lowering interest rates).”
Asked about recent public discussion regarding the possible
publication of minutes of the ECB’s policy meetings, Draghi said that
members of the bank’s Governing Council, including himself, were open to
it but that it was a “complex” issue.
“Clearly there have been statements by several governing council
members and by myself showing an open mind about this point, but it’s a
complex process and we are actually thinking about this – about how to
proceed,” he said.
He argued that the ECB was already transparent.
“There are pros and there are cons. What you have to keep in mind
is that the ECB is already a very transparent institution, just think
about this press conference every month.”
–London Bureau; Tel: +442078627492; email: ukeditorial@marketnews.com
[TOPICS: MT$$$$,MI$$$$,M$X$$$,M$$EC$,MGX$$$]