Communication in Monetary Policy

Résumé du livre

This paper examines the importance of communication of monetary policy in the light of the complex challenges central banks face post-GFC in their role as "crisis managers", confronting financial stability concerns, the economic consequences of the COVID-19 pandemic and the risks arising from climate change and unsustainable activities. Effective central bank communication becomes ever more critical in order to preserve credibility and legitimacy. Such communication is an important component of accountability. This paper does not deal with the supervisory function of the ECB; the focus is the monetary policy of the ECB.