The European Ombudsman, Emily O'Reilly, has welcomed the European Central Bank's announcement that Executive Board members will not meet or talk to the media, market participants or other outside interests on monetary policy matters in the week leading up to monetary policy meetings. This decision extends the so-called quiet period principle that Executive Board members already apply to their speeches and public remarks.

This latest move is appropriate and helps bring the bank into line with other central banks that prohibit meetings with "outside interests" in the week leading up to policy announcements.

Emily O'Reilly stated: "I am encouraged by the steps the ECB has taken since I wrote to President Draghi in May. The ECB has been entrusted with immense responsibility and I will continue to encourage it to lead the field on all aspects of good governance."

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