CEPR Policy Paper 2: The Eurosystem: Transparent and Accountable or Willem in Euroland
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Author(s): Otmar Issing
Publication Date: 30 Jun 1999
ISBN: 1 898128 49 9
This paper responds to some of the questions raised by Willem Buiter in his article 'Alice in Euroland' (CEPR Policy Paper No. 1). In his paper Professor Buiter makes a number of specific proposals designed to enhance the ECB's transparency and accountability. In his reply, Issing states that monetary policy-makers, like anybody else, have to filter, process and structure relevant information and interpret it on the basis of a coherent frame of reasoning. He argues that transparency and accountability need to be discussed against the background of the stability-oriented monetary policy strategy that the ECB has actually adopted and not as if it were pursuing some other strategy such as direct inflation targeting.