Finally, central bank communication is important for the institution to learn, listen and understand. This is a lesson that we have taken to heart in the Reserve Bank. I am referring here not to the standard one way oral or written communication but to two way communication between the central bank and its stakeholders, with the central bank remaining largely in a listening mode.
I well remember that, before we started our work, success was not taken for granted. Sceptics doubted that it was possible to establish the euro as a stable currency and to successfully formulate a monetary policy for a currency area, so diverse in many respects.