
Central bank communication: reggae (!), transparency and trust
The ECB Podcast
How Much Do People Trust the ECB?
According to the latest euro barometer data, forty one percent of respondents in the uro area trust the e c b. Forty five per cent do not and 14 per cent would prefer not to answer. So good levels, but there's still work to be done, shall we say? Now that's act something you've looked at a lot in your work, how central banks build trust. What have you found?
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us. Most of the population of the United States have already moved on from wokeness. They hate it. But the institutions have just completely locked in on it. And so it's got this like zombie character where it's dead, but its body is still lumbering around eating brains. The universities will begin to reform when they realize that the product they're producing doesn't sell. I think what we're seeing is the death of an attempted cultural revolution. Is it done? No. Are there risks? Yes. But it's taken a blow and maybe a mortal one. Dr. James Lindsay, welcome back to Trigonometry. Yeah, great to see you guys again. Great to
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see you. Thanks for coming on. I think there's a very obvious question that has to be asked in the wake of the Trump, not just election, but the sweep that's happened
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in recent weeks. Is this the end of wokeness? No. I mean, I wish I could say it is. In a way, I mean, I hate to be this way, right? It's a complicated subject because most of the population of the United States, but not necessarily other countries, have already moved on from wokeness. They hate it. But the institutions have just completely locked in on it. And so it's got this like zombie character where it's dead with the, you know, it's animating spirit is dead, but its body is still lumbering around eating brains. And so it's like a zombie ideology. And so in a sense, wokeness as a popular movement kind of already died. It became a liability, I think, for the Harris campaign and the Biden administration for that. And I think it's something we're all trying to move away from very quickly, except, like I said, our institutions aren't letting us. And now, so we have to look forward to a Trump administration that is not just aware of the problem of wokeness, but Trump campaigned actively on dismantling that institutional power that they've achieved, at least within what he can reach within the government. That's not going to touch the state government of California. That's not going to touch local governments. That's not going to touch too much with the schools, at least not everywhere. All these kind of public institutions, it's an open question is whether it'll affect the ESG environment that's leading the corporations to pick it up. The S is woke in ESG. Are the corporations going to change their tune? Are they kind of realizing, in my, by the way, experience with that, this is, I think, a turn of phrase that you guys will appreciate, that the stage has lost the room. So if you go to like these conventions industry conventions the stage is up there we're going to be the most sustainable cruise ship line in the history of cruise ships and the room is sitting there and these are professionals you know of in the industry sitting there saying this isn't going to work so it's this weird zombie position now and uh the left isn't going to let go of it that absolutely certain. They're already trying to figure out ways to double down. The primary explanation, at least in the immediate wake of Trump's election, has been that Latinos are now white supremacists. They have one hammer.
How has central bank communication evolved over the years? Why is it important for us to be transparent? How can increased transparency increase trust?
Communications experts Gabriel Glöckler and Siria Angino sit down with our host Katie Ranger to discuss these questions, and also share related music and movie recommendations in this episode of The ECB Podcast.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 14 May 2022 and recorded on 11 May 2022.
In this episode:
00:26 – How central bank communication has evolved over the years
The shift from secrecy to transparency, and why we looked at communication in our recent monetary policy strategy review.
08:44 – Why central banks need to communicate in the first place
How good communication can make central bank policies more effective, and why transparency is an essential part of being accountable and building trust.
18:00 – Is more communication always better?
Will this path towards more transparency lead to full openness for central banks?
19:30 – Trust in central banks as institutions
The notion of institutional trust, the ingredients needed to build it, and the level of trust Europeans have in the ECB.
23:44 – Different types of trust
The differences between reflective and instinctive trust and how each applies to the ECB.
29:35 – Our guests’ hot tips
Our guests Gabriel Glöckler and Siria Angino share their related song and movie recommendations.
Additional material:
ECB official social media channels
https://www.ecb.europa.eu/services/socialmedia/html/index.en.html
Bank of Jamaica, reggae song about inflation
ECB official social media channels
https://www.ecb.europa.eu/services/socialmedia/html/index.en.html
Occasional paper: Clear, consistent and engaging: ECB monetary policy communication in a changing world, December 2021
https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op274~9aca14e6f6.en.pdf?63436ac843159bdf4afcf0115e7f146f
Working paper: Central bank communication with non-experts: a road to nowhere? October 2021
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2594~9fc2f0035d.en.pdf
Economic bulletin: ECB communication to the wider public, 2021
https://www.ecb.europa.eu/pub/economic-bulletin/articles/2022/html/ecb.ebart202108_02~5c1e5a116d.en.html
Monetary policy communication and the strategy review
https://www.ecb.europa.eu/home/search/review/html/monpol-communication.en.html
Working paper: Instinctive versus reflective trust in the European Central Bank, May 2022
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2660~e228b93d53.en.pdf?8a6fb1b47fc36f668234d96a3fab5292
European Central Bank website
www.ecb.europa.eu
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