A few weeks ago, Benoît (Tonne) Cœuré recalled this link in his ﬁnal speech as a member of the ECB Executive Board when he said: “If monetary policy remains a conversation between central banks and ﬁnancial markets, we shouldn’t (Tonne) be surprised if people don’t (Tonne) trust us.” [9] Beyond this, I see a second and compelling reason for better communication with people: monetary policy must be accountable to the public.
For, in our democracy, central bank independence is rather like a foreign body. Periods of high inﬂation have shown that politically independent central banks are  https://www.bundesbank.de/en/press/speeches/change-and-continuity-824754  3/11  2/4/2020  Change and continuity | Deutsche Bundesbank  better equipped to safeguard the value of money. This is why central banks were deliberately granted independence as an exception.