Making analyst meetings open to public

Blogger Michael Redell, a former senior economist at the Reserve Bank of New Zealand who raised the possibility of an information leak about a recent central bank rate decision, reacting to my blog post on limiting the risk of information leakages:

... comments on the monetary policy outlook and projections should be made openly and on-the-record or not at all.

We are on the same page, and this is one of the reasons why the RBNZ got into the current tricky situation in the first place.

Analysts meetings would ideally be a public affair. Not that every member of the public would be invited to attend. But that every member of the public would be allowed to watch, be it via a live webcast or a video recording posted on a central bank's website with a minimal delay.

That is actually the exact practice of the most transparent central banks, such as Sweden's Riksbank and the Czech National Bank. The Czech National Bank, for instance, makes its analyst meetings public by providing a live webcast on its official website and making the video recording available via YouTube for every member of the public to watch.

I have updated my earlier post accordingly.