A proposal In light of these considerations, I would like to suggest several specific modifications to the Federal Reserve's current communication strategy. 22  See Ball and Sheridan (2003) and Levin, Natalucci, and Piger (2003).
Finally, a critical element in determining the normalisation process will be how rate increases are transmitted across the euro area. In this respect, ensuring monetary policy is transmitted smoothly and evenly and delivering the adequate degree of policy normalisation are two sides of the same coin. And this is not a new concept for the ECB.