The Bank shares this operational independence with many other central banks around the world and this is now well understood to be essential for effective macroeconomic management. But independence requires accountability if it is to be politically sustainable in a democracy and accountability, in turn, requires transparency.
We are under no illusions that unless we can convince the public that we are competent to carry out our mandate of maintaining macroeconomic and financial stability, public and political support for central bank independence will be undermined. Only by being open and transparent about our policies and operations will we be able to maintain public support.