The Globe and Mail reports in its Thursday, Sept. 29, edition that the Bank of Canada will finally let us see behind the closed door where its governing council deliberates on interest rates. The Globe's David Parkinson writes that in the midst of its biggest credibility problem in decades, it still does not want to be that transparent. On Wednesday the BOC pledged to publish "a summary of deliberations" after each interest rate decision, shedding new light on the internal workings of the bank's eight-times-a-year policy updates. The move addresses an area where the BOC has fallen far behind global best practices in disseminating monetary policy. Mr. Parkinson says the BOC has for far too long maintained secrecy about the actual discussions that its top policy makers have in reaching their rate decisions. Mr. Parkinson says the BOC's move, however, falls short of the decision-making transparency of most of its leading global peers, which publish transcripts or minutes of their meetings, and publicly record the votes of each committee member. The BOC needs to be willing to be totally transparent, to share not only its consensus views, but the compelling, passionate dissenting opinions that colour them.
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