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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