There is by now compelling international evidence confirming that forward guidance has been successful in boosting growth and inflation outcomes by steering future interest rate expectations while central banks have been constrained in their policy space.1 More recently, some central banks, including the ECB, have also started to use forward guidance when heralding the transition out of a phase characterised predominantly by the use of nonstandard monetary policy measures.
It is therefore, against this background, distinguished guests, ladies and gentlemen that the Bank decided to subscribe to Tip-Offs Anonymous as a mechanism for early detection and a deterrent against fraud, corruption and any unethical concerns the Bank may encounter.