European Central Bank (ECB) President Mario Draghi is in favor of publishing the minutes of the bank's monetary policy meetings, which have until now never been released.
"I consider it a necessary step," Draghi told German newspaper Sueddeutsche Zeitung on Wednesday. "Therefore the ECB Executive Board will present a corresponding proposal to the ECB board for discussion and a decision." The ECB confirmed Draghi wanted the minutes made public.
Releasing the minutes of the governing council's meetings – in which central bankers from across the euro zone's 17 member states set interest rates and decide on any extraordinary measures to boost the economy - could be a way to avoid big swings in financial markets.
"It's one way to prepare the market for changes," Frank Hansen, European economist at Danske Bank, said.
The minutes might reveal the "lines of friction" between board members, Hansen said, as well as how much power smaller countries wield. Although each country has a vote, the voting rights of some larger countries clearly weigh more heavily, he added.
