This was recently highlighted by the Governor, Mervyn King, when he spoke at the 200th anniversary conference of the Bank of Finland in Helsinki last month (yes, the Bank of Finland turns 200 this year).
A plethora of literature on central banking emphasizes the importance of credibility in shaping monetary policy and in guiding the market. Credibility too is important for effective regulation. It is notable that even in everyday personal relationships, credibility is built on established competence and character. On consistency. On integrity. On good self governance.