On all areas, even extending beyond monetary policy, we put out Discussion papers – New Bank licences – Most extensive communication exercise. Dilemmas in communication It is not as if more communication is better communication. Even as central banks are becoming more communicative, they are struggling with dilemmas: i. What do we tell? BIS central bankers’ speeches  5  ii.
Underlying this approach is the euro area’s financial structure: in the euro area, banks are the main agents for channeling funds from savers to borrowers, while in many other countries market-based financing predominates. The largely bank-based structure of financing in the euro area is reflected in the ECB’s monetary policy and in the design of its unconventional monetary policy.