ECB set to become more transparent

The European Central Bank (ECB) kept its main interest rate at a historic low of 0.5 percent on 1 August 2013 and indicated that in the future the reasoning behind such decisions will be made public.

ECB chief Mario Draghi said the bank 'thought it would be wise to have richer communication' with the public.

A proposal is to be put forward in autumn, said Draghi, noting that the main stumbling bloc is to make sure that the central bankers' independence is not compromised.