First, while policy decisions are never mechanical, in complex circumstances there is inevitably a greater role for judgement. This in turn means that there is a greater obligation to explain to the public why one course of action was chosen over another.
1  The Securities Markets Programme was aimed at addressing specific frictions in financial markets that were hampering the transmission of standard monetary policy. BIS central bankers’ speeches  1  Second, complex circumstances increase uncertainty about how our monetary policy strategy is applied, which makes it harder for the central bank to steer expectations.