Eurozone researchers caution ECB

LONDON, Feb. 7 (UPI) -- Improved communication from the European Central Bank would improve its credibility, the London-based Centre for Economic Policy Research said Thursday.

Better communication along with "a clear strategy and a high degree of transparency" would help "at a time when euro area inflation expectations are ringing alarm bells (and) ECB credibility is sliding down," the report said.

One recommendation for improvement is for the bank's governing body -- six members of the Executive Board plus 15 governors -- to release their voting records.

"By allowing the public to weigh its members' evolving views, the balance of votes leads to a better understanding of how the Governing Council responds to economic information," the report said.

The head of the European Central Bank Jean-Claude Trichet was quick to respond. The bank's policy of high predictability would continue, he said, adding that surprises were "very rare."

The bank's governing body elected to keep key interest rates at 4 percent Thursday, unchanged for nine months. The report said statements "by Mr. Trichet about gloomy expectations for the eurozone's growth have led to a plunge of the euro on world markets."