Transparency and accountability as drivers of cultural change. A comparative analysis of central banks and national competent authorities

Series: Occasional Papers. 2617.

Author: Mihai-Vasile Cîrjă and Jordi Romeu Granados

ECB, Eurosystem

• Payment systems
• Prudential supervision, SSM

Full document

Transparency and accountability as drivers of cultural change. A comparative analysis of central banks and national competent authorities (2 MB)

Abstract

Rationale

Central banks and supervisory authorities make decisions that affect individuals, markets and the economy. The independence they enjoy requires, in turn, that they clearly explain their actions and be held accountable for them.

This paper analyses how transparency, effective communication, public participation and accountability reinforce democratic legitimacy and public trust.

Takeaways

• Transparency in the realm of central banking and banking supervision is evolving from the mere publication of information into an operational function that combines strategy, clear communication, digitalisation, financial literacy and evaluation.
• Accountability functions as a multi-level architecture – encompassing legal, parliamentary, oversight, reputational and technological dimensions – that makes it possible to justify the independent exercise of public functions and reinforce their legitimacy.
• The study combines theory and comparative evidence from European and non-European institutions, proposing a framework of best practices and a maturity index to advance towards a form of transparency that is more evaluable, participatory and trust-oriented.