This communication needs to include the limitations of what can be achieved, as has been stressed by Cukierman et al.
(1992: 353): “Institutions cannot absolutely prevent an undesirable outcome, nor ensure a desirable one, but the way that they allocate decision-making authority within the public sector makes some policy outcomes more likely and others less likely.” Twenty years later, Reis (2022b: 5) puts it like this: “…, central bankers followed clear principles – like the Taylor rule of gradualism – that made their actions rule-like in allowing the private sector to understand where policy was heading and why.” Generally, one key innovation in central bank policy-making over the past decades has been the increase in accountability and transparency.