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Preparations and PrerequisitesPreparations and Prerequisitesfor thefor the

Introduction of InflationIntroduction of InflationTargeting in RomaniaTargeting in Romania

Presentation by Deputy Governor Cristian PopaPresentation by Deputy Governor Cristian Popa

National Bank of RomaniaNational Bank of Romania

NBRNBR--BoEBoE Conference onConference on Inflation Targeting: International Experience andInflation Targeting: International Experience andRomaniaRomanias Prospectss Prospects

Bucharest, 30 March 2005Bucharest, 30 March 2005

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Inflation Targeting: International Experience and RomaniaInflation Targeting: International Experience and Romanias Prospectss Prospects

Preparations and Prerequisites for the IntrodPreparations and Prerequisites for the Introduction of Inflation Targeting in Romaniauction of Inflation Targeting in Romania

NATIONAL BANK OF ROMANIA


OutlineOutline1.1. Recap: Context and Initial SpecificationsRecap: Context and Initial Specifications

2.2. Internal PreparationsInternal Preparations2.1 Organizational issues2.1 Organizational issues

2.2 The Policy2.2 The Policy--Making ProcessMaking Process

2.3 Forecasting2.3 Forecasting

2.4 Communication issues2.4 Communication issues

3.3. Prerequisites for Inflation TargetingPrerequisites for Inflation Targeting

3.1 Absence of Fiscal Dominance3.1 Absence of Fiscal Dominance

3.2 International Comparisons3.2 International Comparisons

4.4. Steps AheadSteps Ahead

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1.1. Recap:Recap: Context and InitialContext and Initial

SpecificationsSpecifications

Inflation targeting mentioned in RomaniaInflation targeting mentioned in Romanias Mediums Medium--Term StrategyTerm Strategyfor Economic Development (2000), confirmed infor Economic Development (2000), confirmed in PEPsPEPs (2002 and(2002 andbeyond)beyond)

Initial specifications:Initial specifications: (i) target specified in terms of CPI;(i) target specified in terms of CPI; (ii) mid(ii) mid--point with band (some tolerance for undershooting target);point with band (some tolerance for undershooting target); (iii) annual targets w. multi(iii) annual targets w. multi--period perspective (initially two years);period perspective (initially two years);

(iv) flexible interpretation of inflation targeting (esp. coexis(iv) flexible interpretation of inflation targeting (esp. coexistence w.tence w.managed float regime);managed float regime);

(v) existence of few(v) existence of few ex anteex antedefineddefinedexceptionsexceptionsconditional toconditional toattaining the target;attaining the target;

(vi) joint announcement of target with government(vi) joint announcement of target with government

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2.1 Organizational Issues2.1 Organizational Issues Task force set up to implement the IT framework, led byTask force set up to implement the IT framework, led by

coordinating DGcoordinating DG

Monetary Policy DepartmentMonetary Policy Department Research and Publications DepartmentResearch and Publications Department

Macroeconomic Modeling and Forecasting DepartmentMacroeconomic Modeling and Forecasting Department

Development of a detailed quarterly macroeconomic forecastingDevelopment of a detailed quarterly macroeconomic forecastingframeworkframework

Centralized databaseCentralized database

Data monitoring & reportingData monitoring & reporting

Expectations surveyExpectations survey

NearNear--term forecasting of key variablesterm forecasting of key variables

MediumMedium--term forecasting model, consistent with achievingterm forecasting model, consistent with achieving

multimulti--period inflation targetsperiod inflation targets

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Conference onConference onInflation TargetingInflation Targeting

Preparing the Introduction of Inflation TargetingPreparing the Introduction of Inflation Targeting


QUARTERLY MODEL PROJECTIONS

inflation and relevant variables

Data managementData management

DETAILED MACROECONOMIC DATA

raw historical data for domestic and

external variables updated on a regular

basis

near-term forecasts for external

variables

Central NBR database

Cut-offdate

NEAR-TERM FORECASTS (NTF)

domestic and external variables

exogenous for the core model

Satellite models

NTFs for domestic exogenous

variables (RPD, MPD and MMFD)

External sources

Consensus Forecasts

CURRENT POSITION OF THE

ECONOMY (initial conditions for the

core model)

equilibrium values for relevant

variables and their medium term

profile

DATA FOR THE CORE MODEL

Satellite models (MMFD)

Expert judgment

The core model

(MAMTF)

3rd party forecasts (surveys)

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2.2 The Policy2.2 The Policy--Making ProcessMaking ProcessRole of the NBR BoardRole of the NBR Board Exceptional initial involvement in model specification, startingExceptional initial involvement in model specification, starting

conditions (in order to foster ownership/understanding:conditions (in order to foster ownership/understanding:successfulsuccessfuldialogue with the modeldialogue with the model))

Final decisionFinal decision--making bodymaking body

Focuses on how to best employ forecasts in policy makingFocuses on how to best employ forecasts in policy making

In practical terms:In practical terms:

identifies alternative scenarios to consider or special issues tidentifies alternative scenarios to consider or special issues to beo beexamined from the viewpoint of strategy (examined from the viewpoint of strategy (big decisionsbig decisions); these); theseare then run through model again for consistencyare then run through model again for consistency

judges how the path for the policy interest rate should bejudges how the path for the policy interest rate should be

adjusted to account for uncertainties and risksadjusted to account for uncertainties and risks

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Role of the Monetary Policy Committee (MPC)Role of the Monetary Policy Committee (MPC)

Institutionalized analytical forum at staff/executiveInstitutionalized analytical forum at staff/executivemanagement levelmanagement level

Critical focus on ensuring that all relevant information isCritical focus on ensuring that all relevant information isbrought to bear on the forecastsbrought to bear on the forecasts

In practical terms:In practical terms:

responsible for reviewing assumptions on initial conditionsresponsible for reviewing assumptions on initial conditionsfor the forecasts, including the outlook for exogenousfor the forecasts, including the outlook for exogenous

variablesvariables reviewing the projections and formulating policyreviewing the projections and formulating policy

recommendations for the Board, including analyses of theirrecommendations for the Board, including analyses of theirtechnical implicationstechnical implications

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Quarterly Forecasting & Decision ScheduleQuarterly Forecasting & Decision Schedule

Final projection meetingFinal projection meetingTask ForceTask Force meetingmeetingTT--1818

Start of Forecasting CycleStart of Forecasting Cycle

Discussion & Eventual Adoption ofDiscussion & Eventual Adoption ofInflationInflationReportReport

BoardBoard meetingmeetingT+6T+6

Discussion of forecasting cycle andDiscussion of forecasting cycle andInflationInflation

ReportReportMPCMPC meetingmeetingT+3T+3

Forecasts andForecasts andInflation ReportInflation Reportsent tosent to

MPCMPCInflation ReportInflation ReportTT

Monetary Policy DecisionMonetary Policy DecisionBoardBoard meetingmeetingTT--1010

Forecasts and risk scenariosForecasts and risk scenariosMPCMPC monthly meetingmonthly meetingTT--1515

Initial conditions, equilibrium conditions,Initial conditions, equilibrium conditions,

exogenous variables and NTFexogenous variables and NTF

MPCMPC meetingmeetingTT--2323

Initial conditions, equilibrium conditions andInitial conditions, equilibrium conditions and

exogenous variablesexogenous variablesTask ForceTask Force meetingmeetingTT--2727

NearNear--Term Forecasts (NTF)Term Forecasts (NTF)Task ForceTask Force meetingmeetingTT--3434

Policy review and decisionPolicy review and decisionBoardBoard regular monthly meetingregular monthly meeting

Policy review and recommendationPolicy review and recommendationMPCMPC regular monthly meetingregular monthly meeting

Other projection detailsOther projection detailsTask ForceTask Force Second issues meetingSecond issues meetingTT--5151

Model meetingModel meetingTask ForceTask Force First issues meetingFirst issues meetingTT--5757DetailsDetailsEventEventTimeTime

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Based on formalized models and expert judgmentBased on formalized models and expert judgment

Two types of modeling approaches:Two types of modeling approaches:

Estimation approach at the shortEstimation approach at the short--run horizonrun horizon

Calibration approach at the mediumCalibration approach at the medium--term horizonterm horizon

Final forecast integrates information from shortFinal forecast integrates information from short--term models,term models,mediummedium--term model and expert judgmentterm model and expert judgment

2.3 Forecasting2.3 Forecasting

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2.3.1 Near2.3.1 Near--Term ForecastingTerm ForecastingFrameworkFramework TwoTwo--quarter horizon at presentquarter horizon at present

A set of methods (one model approach is risky)A set of methods (one model approach is risky)

Economic theory as a basis of analysis, but applied toEconomic theory as a basis of analysis, but applied to

statistical data (estimation vs. calibration)statistical data (estimation vs. calibration)

Tool for simulating the impact of changes in exogenousTool for simulating the impact of changes in exogenous

variablesvariables

Used for analysis and for establishing the initial conditions foUsed for analysis and for establishing the initial conditions forrthe QFMthe QFM

O O O

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NearNear--term Inflation Forecastingterm Inflation Forecasting

Two methods:Two methods:

Expert judgement forecast for CPI componentsExpert judgement forecast for CPI components

ARMAX model for the main CPI inflation components (ARMAX model for the main CPI inflation components (yoyyoy data,data,monthly frequency)monthly frequency)

FoodFood

NonNon--food excluding regulated and fuel pricesfood excluding regulated and fuel prices Services excluding regulated pricesServices excluding regulated prices

Exogenous variables: EUR/ROL and EUR/USD exchange rates,Exogenous variables: EUR/ROL and EUR/USD exchange rates,

net wagesnet wages,, regulated prices, fuel pricesregulated prices, fuel prices

The forecast presented to the MPC = weighted average of the resuThe forecast presented to the MPC = weighted average of the resultsltsprovided by the two methods (with 0.65 weight given to the ARMAXprovided by the two methods (with 0.65 weight given to the ARMAX

model)model)


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NearNear--term GDP Forecastingterm GDP Forecasting

Small semiSmall semi--structural model (structural model (qoqqoq))

Behavioural equations for household consumption, grossBehavioural equations for household consumption, grossfixed capital formation, exports, imports and core inflationfixed capital formation, exports, imports and core inflation

Exogenous variables:Exogenous variables:

EUR/ROL and EUR/USD exchange rates, publicEUR/ROL and EUR/USD exchange rates, public

consumption, net wagesconsumption, net wages,, regulated prices, fuel prices, 3Mregulated prices, fuel prices, 3MEuriborEuribor, euro area GDP, HICP, euro area GDP, HICP

OLS andOLS and 22SLS estimation with error correction mechanismSLS estimation with error correction mechanism


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2.3.2 Medium2.3.2 Medium--Term ForecastingTerm Forecasting

HistoryHistory

Assembling the Model for Analysis and MediumAssembling the Model for Analysis and Medium--Term ForecastingTerm Forecasting(MAMTF) started in mid(MAMTF) started in mid--20042004

Significant progress achieved, with technical assistance supportSignificant progress achieved, with technical assistance support fromfromtwo IMF missions and bilateral exchanges/expert visits with thetwo IMF missions and bilateral exchanges/expert visits with the CzechCzechNational Bank (MAMTF conceived in similar fashion to Czech QPM)National Bank (MAMTF conceived in similar fashion to Czech QPM)

Two forecasting dry runs to test MAMTF adequacy and the functionTwo forecasting dry runs to test MAMTF adequacy and the functionalalintegration of shortintegration of short--term and expert information; currently in secondterm and expert information; currently in seconddry rundry run

FirstFirst--pass calibration of MAMTF based on priors discussed by thepass calibration of MAMTF based on priors discussed by theBankBanks Boards Board


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Model open to continuous improvement, while maintainingModel open to continuous improvement, while maintaining

the core structurethe core structure

Small semiSmall semi--structural calibrated model with a Newstructural calibrated model with a New--KeynesianKeynesiancore (ST and MT noncore (ST and MT non--neutrality)neutrality)

Economy assumed to converge to wellEconomy assumed to converge to well--defined and stabledefined and stablelonglong--run equilibriumrun equilibrium

Deviations from trendsDeviations from trends thethegapsgaps-- reflect cyclical behaviorreflect cyclical behaviorof the economy, while trends are analogous to steadyof the economy, while trends are analogous to steady--statestate

values (primarily assessed on inflation neutrality)values (primarily assessed on inflation neutrality)

General characteristics of MAMTFGeneral characteristics of MAMTF


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Core inflation determined by its structural persistence, agentsCore inflation determined by its structural persistence, agents expectations,expectations,output gap, and import price inflationoutput gap, and import price inflation

Output gap orOutput gap orexcess demandexcess demandfactor determined by its own persistence and realfactor determined by its own persistence and realmonetary conditions, incl.monetary conditions, incl. gapsgapsof real (bank) interest rates and real exchangeof real (bank) interest rates and real exchange

raterate

Exchange rate determined according to uncovered interest parityExchange rate determined according to uncovered interest parity

relationshiprelationship

including a risk premiumincluding a risk premium

Monetary policy behavior (as implied by flexible inflation targeMonetary policy behavior (as implied by flexible inflation targeting) described by ating) described by aforwardforward--looking policy interest rate rule that reacts to deviations of ilooking policy interest rate rule that reacts to deviations of inflation fromnflation from

target, the output gap and excessive interest rate volatilitytarget, the output gap and excessive interest rate volatility

AgentsAgents expectations modeled as hybrids of backwardexpectations modeled as hybrids of backward--looking (inertial) andlooking (inertial) andforwardforward--looking (looking (modelmodel--consistentconsistent) expectations) expectations

Core structure of MAMTFCore structure of MAMTF


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Low sacrifice ratio (but may vary over time, according to progreLow sacrifice ratio (but may vary over time, according to progressssof disinflation)of disinflation)

Expectations channel quite significant for monetary policy direcExpectations channel quite significant for monetary policy directtinfluence on inflationinfluence on inflation

Exchange rate channel also important, especially for speed ofExchange rate channel also important, especially for speed ofdisinflation (two channels: direct, via passdisinflation (two channels: direct, via pass--through; indirect,through; indirect,

through influences on real sector and asset portfolios)through influences on real sector and asset portfolios)

Aggregate activity (output gap) channel relatively less effectivAggregate activity (output gap) channel relatively less effective ate atpresent, but crucial for ensuring continuity of disinflation propresent, but crucial for ensuring continuity of disinflation processcess

Monetary policy impulses intermediated by relatively sluggish baMonetary policy impulses intermediated by relatively sluggish banknkdeposit and lending ratesdeposit and lending rates

Specifics of the MAMTF transmission mechanismSpecifics of the MAMTF transmission mechanism


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Increasing role of policy rate in influencing inflationIncreasing role of policy rate in influencing inflation

-.008

-.004

.000

.004

.008

2 4 6 8 10 12 14 16 18 20 22 24

Re sp ons e to a rea l in teres t ra te gap shoc k

Resp onse o f core in f la tion to mon etary po l icy indu ced sh ocks

Sam p le : June 1997 - December 2000

Months

0

10

20

30

40

50

60

70

80

90

5 10 15 20

Output gap

Real interest rate gap

Real exchange rate gap

Core inflation

Variance decomposition of core inflation

Sample: June 1997 - December 2000

Contributions of shocks

(% of total varianc e)

Months

-.006

-.005

-.004

-.003

-.002

-.001

.000

.001

.002

2 4 6 8 10 12 14 16 18 20 22 24

Re sp o nse t o a r ea l i nt e res t r a t e gap sho ck

R e s p o n s e o f c o r e i nf l at i o n t o m o n et a r y p o l ic y i n d u c e d s h o c k s

S a m p l e : S e p t e m b e r 2 0 0 0 - N o v e m b e r 2 0 0 4

Months

0

10

20

30

40

50

60

70

5 10 15 20

Output gap

Real interest rate gap

Real exchange rate gap

Core inflation

Variance decomposition of core inflation

Sample: September 2000 - November 2004

Months

Contribu tion of shoc ks

(% of total variance)


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Role of nearRole of near--term forecastingterm forecasting Covers short end of forecast horizonCovers short end of forecast horizon

Shapes the initial conditions of the forecastShapes the initial conditions of the forecast

(In the future) Serves as cross(In the future) Serves as cross--check for final forecastcheck for final forecast

Role of expert judgmentRole of expert judgment Flexibility of MAMTF allows direct incorporation of expert inputFlexibility of MAMTF allows direct incorporation of expert input (incl.(incl.

surveysurvey--based information)based information) Forecasts of effects of anticipated exogenous events (e.g. capitForecasts of effects of anticipated exogenous events (e.g. capital accountal accountliberalization)liberalization)

Forecasts of variables not explicitly modeled (e.g. fiscal stimuForecasts of variables not explicitly modeled (e.g. fiscal stimulus)lus)

Model forecasts can beModel forecasts can betunedtunedif unrealisticif unrealistic

Role of mediumRole of medium--term modelterm model Integrates all information in a consistent wayIntegrates all information in a consistent way

Generates an interest rate path which can serve as policy guidelGenerates an interest rate path which can serve as policy guidelineine

Can be used to generate risk scenarios, analyze consistency of aCan be used to generate risk scenarios, analyze consistency of alternativelternativescenariosscenarios

2.3.3 The forecasting process2.3.3 The forecasting process


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Flow of information in the forecasting process atFlow of information in the forecasting process at

the National Bank of Romaniathe National Bank of Romania

Near-term modelsand expert forecast

NTF Inflation, GDP, EUR/ROL etc.

Assessment of initial conditions

and medium-term trends

Exogenous variables forecasts

Trends & Gaps

Medium-term(core)model

Expert judgment

Finalmedium-term

forecast

Anticipatedshocks, fiscal

impulse, etc.

Near-term forecast

Tuning

Uncertainty


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Restructuring of the existing inflation reportRestructuring of the existing inflation report

Policy made more transparentPolicy made more transparent

Supporting external communicationSupporting external communication

2.4 Communication issues2.4 Communication issues


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Plays the central role in the communication strategy under ITPlays the central role in the communication strategy under IT

To be published quarterly, reflecting the forecasting cycle; firTo be published quarterly, reflecting the forecasting cycle; firststquarterly report (2005Q1) expected July, also serving to emphasiquarterly report (2005Q1) expected July, also serving to emphasizezemultimulti--period preoccupation for attaining the inflation targetsperiod preoccupation for attaining the inflation targets

Based on the same information set used in the forecasting procesBased on the same information set used in the forecasting processs

Compared to existing 6Compared to existing 6--month Inflation Reports: (i) more timelymonth Inflation Reports: (i) more timelypublishing; (ii) transparent inclusion of NBR inflation forecastpublishing; (ii) transparent inclusion of NBR inflation forecast, policy, policydecision, detailed risk assessment; (iii) balance favors forwarddecision, detailed risk assessment; (iii) balance favors forward--lookinglookinganalysis over backwardanalysis over backward--looking reporting; (iv) will replace a substantiallooking reporting; (iv) will replace a substantialportion of analysis currently included in NBR Annual Reports, soportion of analysis currently included in NBR Annual Reports, somemestreamlining of monthly bulletins also a resultstreamlining of monthly bulletins also a result

Unpublished draft inflation reports for the two dryUnpublished draft inflation reports for the two dry--run forecastingrun forecasting

rounds, for purposes of internal analysisrounds, for purposes of internal analysis

2.4.1 The New Inflation Report2.4.1 The New Inflation Report


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Increased frequency and quality of communication withIncreased frequency and quality of communication with

public on policy issuespublic on policy issues

Prior announcement of calendar for policyPrior announcement of calendar for policy--related Boardrelated Boardmeetingsmeetings

Press releases on contents of betweenPress releases on contents of between--forecast meetingsforecast meetingsand on the monetary policy decisionsand on the monetary policy decisions

Prior announcement of confirmation of fullyPrior announcement of confirmation of fully--fledgedfledgedimplementation of IT regime, with details on bandwidth,implementation of IT regime, with details on bandwidth,formalized exceptions, etc.formalized exceptions, etc.

2.4.2 Increased Policy Transparency2.4.2 Increased Policy Transparency


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The NBR website will be reThe NBR website will be re--designed to allow easier access todesigned to allow easier access topolicy related information and to include backgroundpolicy related information and to include background

information on inflation targetinginformation on inflation targeting

Dedicated briefings on benefits of IT and the related policyDedicated briefings on benefits of IT and the related policyprocess to be organizedprocess to be organized

Brochure series targeted for broader audienceBrochure series targeted for broader audience

Background papers to be publishedBackground papers to be published

Conferences, interviews, public speechesConferences, interviews, public speeches

2.4.3 Supporting external communication2.4.3 Supporting external communication

P i d P i i f h I dP ti d P i it f th I t d i f I fl i T i i R iti f I fl ti T ti i R i


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-12

-8

-4

0

4

8

1999 2000 2001 2002 2003 2004

Recursive log NBR steriliz. flow estimates

2 S.E.

-16

-12

-8

-4

0

4

8

12

1999 2000 2001 2002 2003 2004

Recursive log MoF debt is suance

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0

20

40

60

80

100

120

1 2 3 4 5 6 7 8 9 10 11 12

IIN T E R L F L U X L V O L M O F

V a ri a n c e D e c o m p o s it i o n o f I I N T E R

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3.2 International Comparisons

Credit to Non-Government*

61.5

23.0

49.3

37.6

16.4

58.2

8.3

23.917.5

71.7

94.4

31.7

113.8112.0

76.0

0

20

40

60

80

100

120

CZ(199

7)

PL(199

8)

HU

(200

1)

CL(199

0)

BR

(199

9)

MX(199

9)

IS(199

2)

TH

(200

0)

NZ(199

0)

UK(199

2)

SE(199

3)

ZA(200

0)

AL(2004

)**

UA(2004)**

RO(2004)***

percent of GDP

Source: EUROSTAT, NBR, NIS, IMF

*) at the time of shifting to inflation targeting

**) intends to adopt inflation targeting

***) to shift to inflation targeting in 2005

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Bank Assets*

56.0

69.1

53.9

127.2

104.4

229.0

92.5

49.8 39.4

138.0

38.3

136.0

0

50

100

150

200

250

CZ(1997)

PL(1998)

HU

(2001)

BR

(1999)

IS(1992)

TH

(2000)

NZ(1990)

UK(1992)

ZA(2000)

AL(2004

)**

UA(2004

)**

RO(2004)

***

percent of GDP

Source: Websites of central banks and national statistics institutions




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Stock Market Capitalisation*

24.1 20.1

45.0 42.9 45.0

24.4 20.0

86.5

160.0

0.9

17.6

52.6

32.1

12.9

0

20

40

60

80

100

120

140

160

180

CZ(1997)

PL(1998)

HU

(2001)

CL(1990)

BR

(1999)

MX(1999)

IS(1992)

TH

(2000)

NZ(1990)

UK(1992)

SE(1993)

ZA(2000)

UA(2004

)**

RO(2004)***

percent of GDP

Source: EUROSTAT, NIS, BSE, RASDAQ




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Insurance Premia*

2.0 1.72.5

6.1

1.3

16.9

2.82.92.9 3.5****

0

2

4

6

8

10

12

14

16

18

CZ(199

7)

PL(199

8)

HU

(200

1)

BR

(199

9)

MX(199

9)

TH

(200

0)

SE(199

3)

ZA(200

0)

UA(2004)**

RO(2004)***

percent of GDP

Source: EUROSTAT, Swiss Re, ISC, NIS ****) 2003




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Fiscal Surplus/Deficit*

-2.2

-4.4

-9.9

-2.2

-4.4

-6.4

-1.8

-5.4

-11.4

-9.2

-1.1

-3.0

-1.1

0.7

-1.3

14

12

10

8

6

4

2

0

2

CZ(199

7)

PL(199

8)

HU

(200

1)

CL(199

0)

BR

(199

9)

MX(199

9)

IS(199

2)

TH

(200

0)

NZ(199

0)

UK(199

2)

SE(199

3)

ZA(200

0)

AL(2004

)**

UA(2004

)**

RO(2004)***

percent of GDP

Source: EIU, MPF, NIS






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4.4. Steps AheadSteps Ahead Additional scope in data reporting, surveys: integratingAdditional scope in data reporting, surveys: integrating

reliable information & expectations regarding housing &reliable information & expectations regarding housing &financial assetsfinancial assets

Improvements in nearImprovements in near--term forecasting and integrationterm forecasting and integrationinto decisioninto decision--making: ARMAX, expert judgmentmaking: ARMAX, expert judgment

Improvements in MAMTF: (i) refining calibration; (ii)Improvements in MAMTF: (i) refining calibration; (ii)adding extraadding extrawrinkleswrinkles; (iii) interaction with additional; (iii) interaction with additionalblocks (satellite subblocks (satellite sub--models): external accounts, fiscal;models): external accounts, fiscal;(iv) extending range to 6 and 8 quarters ahead(iv) extending range to 6 and 8 quarters ahead

Transparency & communication: improvements inTransparency & communication: improvements incontent of QIR; briefing sessions on regular basis;content of QIR; briefing sessions on regular basis;possible publication of minutes/voting recordspossible publication of minutes/voting records

Documents

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