• Home
  • What’s new
  • Transparency and accountability as drivers of institutional cultural change

Back

Transparency and accountability as drivers of institutional cultural change

A comparative analysis of 35 central banks and supervisory authorities

15/09/2026

This study presents a comparative analysis of 35 central banks and supervisory authorities to assess how transparency and accountability strengthen the legitimacy of, and public trust in, independent institutions whose decisions have significant economic and social implications.

Many of these institutions go beyond minimum legal transparency requirements by developing digital communication strategies, tailoring their messages to different audiences, promoting financial literacy and creating opportunities for public engagement to better explain their policy decisions. Nevertheless, important challenges remain, particularly as regards evaluating the impact of transparency policies, measuring the effectiveness of communication strategies and using artificial intelligence.


KEY FINDINGS

  • Institutional independence calls for transparency, communication and accountability. As their decisions affect individuals, markets and the broader economy, the democratic legitimacy of these institutions depends on their ability to explain what they do, why they act and how they can be held accountable.
  • Effective transparency is not merely about disseminating information, but about making it understandable and useful. It requires clarity, messages tailored to different audiences and greater openness and dialogue with stakeholders.
  • Accountability is the bridge between independence and public trust. Public trust is stronger when institutions justify their decisions, are subject to external scrutiny, respond to information needs and are mindful of society’s expectations.

         

        Next ECB raises rates by 25 basi...