This is of particular significance since the global financial crisis of 2007/8, when increasing responsibilities were placed on the shoulders of central banks. The apparent success in dealing with the crisis has led to unrealistic expectations about what a central bank can do, and it is important that we ensure that expectations are unreasonable.
If not, when we do not live up to these unrealistic expectations, as will no doubt happen at some stage, we will lose credibility even in those areas that are within our appropriate policy purview. The global trend towards independence means that central banks have to become ever more accountable. Accountability requires increased transparency, and its corollary, effective communication.