Their communication often bordered on being delightfully vague, mystifying and remarkably opaque, often labelled as “constructive ambiguity” 5. Who can forget the famous quote of the US Fed’s former chairman Alan Greenspan: “Since I've become a central banker, I've learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said” 6. 12.
In contrast, communications of central banks today are known for  their clarity, precision, accountability and transparency. This change has occurred mainly because of two reasons. First, as central banks became more independent in their areas of operation, they also needed to be more transparent and accountable in a democratic set up to garner public trust.