Despite the large range of actions undertaken by public authorities, key financial markets remain under stress and the banking sector must yet recover its strength and initiative, while each day brings us new reports of job losses and output cuts that provide only a partial and limited account of the strains and costs that the current crisis imposes on our societies.
National authorities have also made considerable progress in increasing transparency, including in displaying their fiscal policies and data. All major central banks have made great efforts to increase the transparency of their monetary policy frameworks and they consider clear communication essential for effective monetary policy-making.