Moreover, the Bank’s senior staff now spends much more time than before on public explanations and discussions across the country about monetary policy and central bank operations. All these initiatives were designed to make the implementation of monetary policy and the achievement of the targets more effective.
Explanations and discussions are also part of the process whereby the Bank is accountable to the public for its actions. Accountability implies that the central bank must either achieve the target or explain what unanticipated events caused it to miss the target and what it is doing to rectify the situation.