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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.
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