ECB right but opaque, says report

The latest Monitoring the European Central Bank report, published on Thursday by the Centre for Economic Policy Research (CEPR), suggests that there is much room for improvement in the way the European Central Bank (ECB) sets interest rates and communicates its thinking.

The report, titled Transparency and Governance and authored by Francesco Giavazzi, Charles Wyplosz and Petra Geraats, is the sixth volume in the CEPR's series on the ECB. The authors point out that the central bank has mostly