Description | Standard | Self-Assessment
Experience has shown that monetary and financial policies can be made more effective if the public knows the goals and instruments of policy and if the authorities make a credible commitment to meeting them. Moreover, good governance calls for central banks and financial agencies to be accountable, particularly where the monetary and financial authorities are granted a high degree of autonomy.
The code identifies desirable transparency practices for central banks in their conduct of monetary policy and for central banks and other financial agencies in their conduct of financial policies.
The good practices in the code focus on:
- clarity of roles, responsibilities and objectives;
- processes for formulating and reporting of policy decisions;
- public availability of information on policies; and
- accountability and assurances of integrity.
The self-assessment is based on questionnaires submitted to the International Monetary Fund by the Commodities Futures Trading Commission , Federal Deposit Insurance Corporation, Federal Reserve, Office of the Comptroller of the Currency, and Securities and Exchange Commission in 1999 and was compiled by the U.S. Treasury and Federal Reserve.