the non-standard measures implemented by central banks and the level of interest rate, there is a risk that market participants might interpret a decision about one part of the exit as paving the way for the rest. Markets may then overreact to a specific decision, attributing to it an excessive signalling content.
The fear of an overreaction may in turn prompt central banks to delay a specific decision which needs to be taken at a specific time. Communication is thus essential to prepare markets and explain the rationale for each decision. We are still facing a lot of uncertainty about the underlying conditions, both in the real and financial sectors.