Central banks expand voluntary transparency beyond legal baselines
Nearly all central banks in the European Union publish operational and governance data beyond statutory requirements, according to a survey of 30 institutions. Researchers Mihai-Vasile Cîrjă and Jordi Romeu Granados propose a maturity index to benchmark institutional governance.
Voluntary disclosure exceeds statutory mandates
Among 30 surveyed EU national central banks and competent authorities, 97 percent face binding national transparency laws, while 97 percent voluntarily publish information beyond statutory requirements.
Financial disclosures form the primary legal baseline: 90 percent must publish annual accounts, 57 percent procurement contracts, and 53 percent executive remuneration.
Conversely, institutional and planning mandates vary widely.
Only 40 percent operate dedicated transparency portals, with just 36 percent of those mandated by law.
Communication functions are highly active, as 90 percent monitor media to counter fraud and deepfakes, yet only 17 percent deploy artificial intelligence tools to support transparency workflows.
Audience segmentation and layered accountability
Horizontal accountability is universal through parliaments, reported by 100 percent of institutions, while 57 percent face audit office scrutiny.
Citizen interaction relies on layered channels: 90 percent established access procedures and 100 percent run whistleblowing systems.
To connect with the public, 70 percent apply accessibility strategies and 66 percent maintain formal plain-language guidelines.
Yet evaluation lags behind, as only 37 percent conduct independent reviews of their transparency practices.
More than compliance theatre
Central banks publish vast data, yet transparency cannot rely on volume alone.
Without post-publication audits and algorithmic rules, outward communication risks turning into public relations.
The proposed maturity index will only succeed if authorities embrace rigorous external scrutiny.