Increasing the transparency of the ECB could do more harm than good

Earlier this year, the European Central Bank agreed to release minutes of its governing council meetings in response to criticism over the lack of transparency in its decision-making. Sebastian Diessner writes that while there are good reasons to support the ECB becoming more transparent, lessons should also be learned from the experiences of other central banks. He notes that too much transparency can inhibit discussions and thereby lead to less effective monetary policy overall.