It is true that there was already a debate under way at that time on the crises of some countries in South-East Asia. In fact, President Tietmeyer spoke in depth about them to ELEC pointing out potential domino effects. A general optimism prevailed in the public debate, however, particularly in respect of future developments in the US economy.
This transparency in the management of the exchange rate helps to anchor policy credibility and predictability and, therefore, informs expectations and economic decisions. As the Bank continues to focus on refining and making improvements, it has been the intention to enhance transparency and interaction with the market, as circumstances would be propitious, with a view to further buttressing policy transmission and credibility.