So far I have used the abstract phrase “transparency of monetary policy.” Let me be a bit more specific. I think enhancing the transparency of monetary policy has three aspects. The first concerns the goal of monetary policy. The second is about the central bank assessment of the economy. The third is, given such goals and assessment, the policy response.
If there is a perception gap between critics and the Bank, where does such a gap exist? With regard to the first aspect, i.e.