Monetary policy decision-making by committee: Why, when and how it can work

Central Bank Communication by ??? The Economics of Public Policy Leaks

“…Previous contributions consider the decision-making process and the policy deliberation phase inside the ECB Governing Council to be more consensus-based than at other major central banks (Blinder, 2007;Ehrmann and Fratzscher, 2007). Reflecting this consensual character, policy communication within the Eurosystem is guided by a "single voice" principle: 8 Governing Council members are expected to discuss and resolve disagreements on appropriate policy internally, while representing the official policy stance vis-à-vis the general public (Rieder, 2022). As the ECB does not release voting records and the summary of monetary policy discussions are not attributed, it is generally difficult to gauge the degree of agreement among Governing Council members.…”