ECB Could Release Meeting Minutes

The euro traded steadily at $1.32 on Tuesday morning as a week of central bank meetings got underway. The US Federal Reserve, the European Central Bank and the Bank of England are all due for policy meetings this week, scaling up the probability of big moves in the market. All three banks are expected to continue with their forward guidance and reassure markets of accommodative policies for as long as necessary. However, the Fed's meeting will be most closely analyzed as investors look for confirmation of whether or not the bank is going to taper its $85 billion bond buying plan in September. According to

, a poll of economists revealed that most were of the opinion that September is the most likely time for the bank to begin cutting back its bond purchases. The European Central Bank will also hold its monthly policy meeting on Thursday, where officials are expected to continue with the bank's unprecedented forward guidance by reassuring markets that the bank will remain accommodative for the foreseeable future. While most don't expect to see any major monetary policy changes from the bank, it's possible that the ECB could change its meeting procedures to become more transparent. Currently, the ECB is the only major central bank that doesn't release meeting minutes following policy discussions. Some senior officials of the bank are now calling for more accountability and transparency from the bank and suggesting that the meeting transcripts be released. Many believe that by allowing the public to see who voted for what and their reasons for doing so; the European Mandate will be more closely examined and upheld.