ANNUAL REPORT 2008 - Polymer Bank Notes of the World

1 COMMUNICATION POLICYExternal communication at the ECB aims toenhance the public’s understanding of theECB’s policies and decisions. It is an integralpart of the ECB’s monetary policy and of itsother tasks. Two key elements – openness andtransparency – guide the ECB’s communicationactivities. Both contribute to the effectiveness,efficiency and credibility of the ECB’s monetarypolicy. They also support the ECB’s efforts togive full account of its actions, as explained inmore detail in Chapter 6.the ECB’s key publications are undertaken inclose collaboration with the NCBs.The concept of real-time, regular andcomprehensive explanations of the monetarypolicy assessment and decisions, which wasintroduced in 1999, represents a uniquelyopen and transparent approach to central bankcommunication. Monetary policy decisions areexplained at a press conference immediatelyafter the Governing Council has taken them.The President delivers a detailed introductorystatement at the press conference, explaining theGoverning Council’s decisions. The Presidentand the Vice-President are then at the media’sdisposal to answer questions. Since December2004 decisions taken by the Governing Councilother than those setting interest rates have alsobeen published every month on the websites ofthe Eurosystem central banks.The ECB’s legal acts are made available in allthe official languages of the EU, as are theconsolidated financial statements of theEurosystem. 1 The ECB’s Annual Report and thequarterly issues of its Monthly Bulletin are alsomade available in full in the official EUlanguages. 2 The Convergence Report is madeavailable either in full or in summary form in allofficial EU languages. 3 For the purposes ofpublic accountability and transparency, the ECBpublishes other documentation in addition to thestatutory publications in some or all officiallanguages, in particular press releasesannouncing monetary policy decisions, staffmacroeconomic projections, 4 policy positionsand information material of relevance to thegeneral public. The preparation, publication anddistribution of the national language versions of1234With the exception of Irish, for which a derogation at the EUlevel is in effect.With the exception of Irish (by EU derogation) and Maltese (byagreement with the Central Bank of Malta, following the liftingof the temporary EU derogation in May 2007).See footnote 2.ECB staff projections since September 2004 and Eurosystemstaff projections since December 2000.190 ECBAnnual Report2008