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Top banks' strategies

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November 15, 2007

Highlights of major central banks' communication strategies:

EUROPEAN CENTRAL BANK

The ECB does not publish minutes or voting records, but the president holds a news conference after the rate decision every month (except sometimes in August) to explain the decision. Staff economic forecasts come out four times a year.

BANK OF ENGLAND

The bank publishes minutes of its monthly monetary policy committee meetings just under two weeks after each decision. It releases a quarterly inflation report, with a news conference by the governor.

BANK OF JAPAN

The governor holds a news conference after each policy setting meeting (monthly, plus one additional meeting in April and October), and the bank releases a monthly economic report.

Minutes of a rate-setting meeting are released three business days after the next meeting, so about 5 to 6 weeks after each gathering.

The bank releases a twice-yearly outlook report in April and October, and an interim review of the outlook in January and July.

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