Thus, quantitative targets are not perhaps so important for the internal decision-making process of the central bank. But they are very important for communication with the markets and the public. How useful they are for this purpose depends very much on their predictability. 4.
The fourth building block - which partly covers the previous one - is the wider overall openness of the central bank towards the markets, the public and policy-makers, not only in its strategy and targeting but also in its analyses and reasoning behind its decisions.