There is also some evidence that volatility in financial markets at the time of interest rate decisions has been declining over time. The ECB has, on occasions, been forced to surprise markets with policy decisions. However ‘surprise’ is never the goal or deliberate intention of monetary policy.
Nevertheless, as indicated by the monetary policy decision of the 10th of May this year, when new and important information becomes available it is sometimes necessary to act in a way which was not expected by market participants. 4  BIS Review 55/2001