ECB minutes should include members’ votes

ECB executive board member Joerg Asmussen has said the publication of a record of governing council meetings should reveal each member’s position in the debate.

“In my personal view, the minutes summarising the main policy discussions should include who voted for what and the reasoning behind that vote,” he said.

“Publishing the minutes in such a way will sharpen our mandate, because the ECB will then have to explain why its decisions are in line with its European mandate.”

His comments contrast with the recent line taken by ECB president Mario Draghi, who said more transparency at the ECB should not compromise members’ independence.

Bundesbank president Jens Weidmann said last month that while he’s in favour of publishing minutes, the central bank may decide not to deliver a verbatim account.

“One should not over-estimate the risk that pressure is exercised of members of the Governing Council, especially governors of national central banks,” Asmussen said.

“In my view, someone who takes up such a position should be able to withstand such pressure.”

The introduction in July of the ECB’s expectations for interest rates based on the outlook for growth and inflation has reduced volatility in market borrowing costs, he said.

At the same time, the ECB has been only “moderately successful” in curbing “overreactions” in rates to economic data.

“It is still early days and it remains to be seen how this evolves in an environment of improving economic data and a generalised increase in global long-term rates,” he said.