Good communications are a prerequisite if central banks are to maintain the democratic legitimacy and independence that are essential to sound monetary policy making. In addition, a considerable amount of evidence indicates that central bank transparency increases the effectiveness of monetary policy and enhances economic and financial performance in several ways.
The existing international financial architecture is not adequate to prevent or mitigate the domestic and external effects of financial crisis, particularly in large economies like China and India. Fourthly, the impact of instability in times of crisis appears largely to be borne by the home or domestic public sector rather than the global private sector. Avoiding crisis is ultimately a national responsibility.