The other is the “fiscal compact”, which was signed by all EU members except the UK and the Czech Republic in March this year and which strengthens the sustainability and credibility of fiscal policies. 2  BIS central bankers’ speeches  The third dimension of convergence is institutional.
To this end my colleague, the Second Deputy Governor of Bank of Ghana, challenged you to find answers to three important questions at this seminar: a. How should central banks manage communication in times of financial crisis? b. How does effective communication enhance central bank credibility and effectiveness of monetary policy and for maintaining stability in the financial sector?