1995  1996  Publish minutes of GovernorChancellor policy meetings. Quarterly forecasts. 1997  1998  1999  More timely minutes. Publish analysis of forecast accuracy. 2000  2001  Publish forecasts. Statecontingent forward guidance. Publish (staff) semiannual forecasts. Publish policy model. 2002  2003  2004  Publish more timely policy rationale. Publish policy model. Operational independence. Minutes published. Press conferences. Regular monetary policy meetings. Announce policy. Bank of Japan  Qualitative forward guidance. Publish minutes. Publish transcripts. Established with formal inflation objective and operational independence. European Central Bank  US Federal Reserve  Publish minutes. Announce rate changes. Publish past transcripts. Explain rationale. 2005  2006  Publish future transcripts. 2007  Quantitative announcement and policy rationale. 2008  2009  Rationale even when no policy change. 2010  2011  2012  2013  Statecontingent forward guidance. Bank of England  Policy rationale even when policy unchanged. Bank of Japan  Publish quarterly forecasts. Immediately announce individual voting record. Qualitative forward guidance. 2014  2015  2016  Publish more detail about forecast. Publish transcripts. Independent evaluation office. More timely minutes. US Federal Reserve  Qualitative forward guidance. Publish quarterly forecasts. Press conferences. Time-based forward guidance. Formal inflation objective. Publish more detail about forecast. More timely minutes. 2017  Publish minutes on day of decision. Publish individual forecasts and risk assessments. Formal inflation objective. European Central Bank  Publish quarterly forecasts. Publish more detailed backgrounds for forecasts. Publish minutes. Publish fan charts. Individual interest rate projections. State-contingent forward guidance.

Peter Pang: Recent financial and economic developments in Asia Statement by Mr Peter Pang, Temporary Alternate Governor of the Hong Kong Monetary Authority, at the 38th Asian Development Bank Annual Meeting, Istanbul, Turkey, 4-6 May 2005. *  *  *  Mr President, let me first of all congratulate you on your election as President of the Bank. I must next thank Turkey for graciously hosting this year's Annual Meeting. I also join other Governors to thank the Bank's management and staff for the excellent arrangements. I would like to take this opportunity to welcome the successful conclusion of the 8th replenishment of the Asian Development Fund. This would enable the Bank to continue with its programme in offering much needed relief to the poorest people in Asia. However, while real GDP growth in the region has been impressive, up 7.3% in 2004, income distribution remains highly uneven. The toll on human lives, and the massive destruction left behind by the Tsunami attack last December, reminded us that fighting poverty remains both a continuing – and daunting – task for the Bank. While the Bank has done a commendable job in reducing poverty in the low-income economies, those members who have attained a reasonable level of development have a different set of needs. With global financial markets awash with liquidity, many of them have ready access to private capital, and have less of a need to turn to the Bank for lending.