Transparency and scrutiny bolster trust across 35 central banks
A comparative study of 35 central banks and supervisory authorities by the Banco de España shows that transparency and accountability bolster public trust and institutional legitimacy. The paper notes that effective communication must go beyond legal disclosure requirements.
Beyond statutory disclosure
The Banco de España study analyzes 35 central banks and national supervisory authorities to examine how accountability mechanisms reinforce institutional legitimacy.
Many surveyed authorities now exceed statutory transparency rules by adopting digital communication strategies, tailoring messages to distinct audiences, advancing financial literacy and creating platforms for direct public engagement.
However, the study identifies critical operational challenges.
These include evaluating the concrete impact of transparency policies, quantifying the effectiveness of specialized communication channels, and managing the integration of artificial intelligence into public engagement.
The currency of independence
Independent central banks and regulators influence broad economic conditions, which makes democratic accountability essential to their public standing.
The research emphasizes that mere volume of information is insufficient; transparency requires clarity, accessibility and genuine dialogue with stakeholders.
Public trust depends on whether institutions openly justify their policy choices, submit to external scrutiny, and actively align with societal expectations across the economic cycle.
Easy to proclaim, harder to measure
Central banks readily expand outreach, yet measuring genuine impact on public trust remains difficult.
Tailored communication aids democratic legitimacy, but concrete metrics of success are still lacking.
Without rigorous impact evaluation, transparency initiatives risk becoming mere public relations exercises.