Interestingly, when a central bank is not independent, then it can communicate only to the controlling authority. In case of an independent central bank the communication has to go to various actors, viz., (a) public, (b) legislature or executive, (c) market participants. The mode and method of communication to the participants would be distinctly different for these three entities.
In a globalised world, it is not possible to formulate monetary policy independent of international developments. Monetary policy formulation has, thus, became more complex and interdependent (Mohan, 2002). Furthermore, in a globalised world with increasing communication from the regulatory clubs like BIS or IMF, sophistication of the staff is perhaps not too different among the countries.