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ECB-UNRESTRICTED
DIRECTORATE GENERAL SECRETARIAT
Nik de Boer
Assistant Professor in Constitutional Law
Faculty of Law
University of Amsterdam
xxxxxxxxxxxxxxxxxxxxxxxxx@xxxxxxxx.xxx
25 May 2021
Reference: LS/PS/2021/22
Request for public access to ECB documents
Dear professor,
On 30 April 2021 the European Central Bank (ECB) received your application for public access to
“
any minutes of the internal discussions on the secondary mandate in the Governing Council between
1998 and 2003” and “
any minutes of discussions on the secondary mandate in the context of the
2003 review of the monetary policy strategy”.
After having carefully examined your request in accordance with
Decision ECB/2004/31, we regret to
inform you that there is no document that meets the criteria of your request. Please note that within
the period of your interest, the members of the Governing Council preferred to have exchanges of
views at informal background seminars. At the time, in order to stimulate the discussion and to ensure
a free and open exchange of opinions, free of all potential external constraints linked to the risk of
being misinterpreted or giving the wrong signal outside the Eurosystem, such exchanges were not
recorded, and thus there are no minutes that meet the criteria of your request. The participants
benefitted from background documents prepared by the ECB. Some of these background documents
have been published already and we have listed the publications in the enclosed annex.
Yours sincerely,
[signed] [signed]
Petra Senkovic Margarita-Louiza Karydi
Director General Secretariat Head of the Compliance and Governance Division
1 Decision ECB/2004/3 of the European Central Bank of 4 March 2004 on public access to European Central Bank
documents (OJ L 80, 18.3.2004, p. 42).
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ECB-UNRESTRICTED
Annex
Tony Yates, October 2002, “Monetary Policy and the Zero Bound to Interest Rates: A Review”
ECB Working Paper No 190
https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp190.pdf?e4492be1b084558b2a48ddf8667ee6f5
Matt Klaeffling and Victor Lopez Perez, September 2003, “Inflation Targets and the Liquidity Trap”
ECB Working Paper No 272
https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp272.pdf
Klaus Masuch, Sergio Nicoletti-Altimari, Massimo Rostagno and Huw Pill, 2003, "The role of money in
monetary policymaking", BIS Papers chapters in: Bank for International Settlements (ed.), Monetary
policy in a changing environment, volume 19, pages 158-191, Bank for International Settlements.
https://www.bis.org/publ/bppdf/bispap19g.pdf
Annick Bruggeman, Paola Donati and Anders Warne, 2003, "Is the demand for euro area M3 stable?"
Working Paper Series 255, European Central Bank.
https://www.ecb.europa.eu//pub/pdf/scpwps/ecbwp255.pdf
C. Brand, H.-E. Reimers and F. Seitz, October 2003, “Narrow money and the business cycle: Theory
and euro area evidence”
https://ec.europa.eu/eurostat/documents/3888793/5831245/KS-DT-04-011-EN.PDF.pdf/cdd1c790-
f9de-4630-b6b7-c7ed108803d1?t=1414779113000
https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0303/0303012.pdf
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