However, with financial deregulation and increasing cross border flows, the central banks of most countries have gained some degree of autonomy and with it a sense of accountability. Hence, central banks do see some advantage in communicating in as transparent a manner as is appropriate, their policy intentions and operations. Well informed market participants enable, though not assure, improved functioning of markets.
Of course, the policy maker cannot reveal policy cards as it is  BIS Review 79/2001  1  advisable to maintain an element of surprise or avoid anticipatory actions. Yet, in all cases, either exante, or concurrent or at least ex-post, adequate communication of rationale for policies and operations is expected now and, in my view, this is desirable.