ECB communication and its post-pandemic challenges
The ECB considers communication a critical instrument in its policy toolkit. Since its creation, the ECB has devoted significant attention to the mechanisms through which it conveys to the public information relevant to its decision-making and ensures its accountability. This paper assesses whether existing ECB communication practises are adequate to continue ensuring the effectiveness and accountability of monetary policy in light of the recent and upcoming challenges that the ECB confronts. This paper was provided by the Policy Departmentfor Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 7 February 2022.
The paper was prepared within the framework service contract which is intended to support the work of ECON in the European Parliament by enabling it to seek independent expert advice in the field of monetary and economic affairs to support its scrutiny activity, in particular in the context of the Monetary Dialogues between ECON with the ECB. Expertise is requested on a wide range of issues relevant to the work of ECON in relation to EU economic and monetary integration, including governance and institutional aspects, as appropriate.