The European Central Bank wields more power now than at any point in its 14-year history. If it wants to use that power responsibly, it needs to be a lot more open with the people whose well-being it aims to ensure.
Thanks in large part to its lead role in fighting the euro area’s festering debt crisis, the ECB is taking on vast new duties. It has become a lender of last resort, supporting governments in their battles with skeptical markets. It will soon supervise the entire currency union’s banking system. All this comes on top of its regular job as maker of monetary policy for the 17 countries that use the euro.