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European Central Bank (ECB) | Lionbliss Research


The European Central Bank (ECB) is the prime component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union.[2] It is one of the world's most important central banks.


Unlike many other central banks, the ECB does not have a dual mandate where it has to pursue two equally important objectives such as price stability and full employment (like the US Federal Reserve System). The ECB has only one primary objective – price stability – subject to which it may pursue secondary objectives.

There are several concrete examples where the ECB is less transparent than other institutions:

  • Voting secrecy : while other central banks publish the voting record of its decision makers, the ECB's Governing Council decisions are made in full discretion. Since 2014, the ECB has published "accounts" of its monetary policy meetings,[134] but those remain rather vague and do not include individual votes.

  • Access to documents : The obligation for EU bodies to make documents freely accessible after a 30-year embargo applies to the ECB. However, under the ECB's Rules of Procedure the Governing Council may decide to keep individual documents classified beyond the 30-year period.

  • Disclosure of securities: The ECB is less transparent than the Fed when it comes to disclosing the list of securities being held in its balance sheet under monetary policy operations such as QE.[135]


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