This is, of course, primarily the responsibility of the central bank itself: we have to pursue a comprehensible strategy and explain our decisions appropriately. In the Eurosystem, monetary policy continues to be oriented towards keeping the expansion of the money stock in line with the real growth potential of the economy. This makes our actions calculable. It minimises uncertainty about price and interest-rate movements.
The Fed acted boldly during and after the financial crisis in the face of great uncertainty. The full effects of these policies will become clearer with the passage of time. Indeed, the Federal Reserve’s role in the Great Depression of the 1930s is still actively debated.