It is therefore essential, at least in the ECB’s experience,  4  BIS Review 5/2008  that a clear distinction be made in central bank communication between actions that belong to the monetary policy implementation sphere and those that aim to ensure the orderly functioning of the money market and the safeguarding of financial stability.
Such messages about the objective and nature of the ECB’s recent money market operations helped to stabilise longer-term inflation expectations at levels consistent with our price stability objective and to restore orderly conditions in the money market. III.4  Minutes and voting records  With these and other forms of communication in place, the ECB has achieved a high level of transparency over time.