2  BIS Review 61/2007  This is achieved through a wealth of different communication tools, but one important aspect is the communication on the days when decisions are taken.
Owing to the high degree of predictability in the case of both the Eurosystem and the Federal Reserve, the main market reactions on meeting days are not due to any announcements per se, but rather to the information which accompanies them, in particular when there is an unexpected component in the announcement or indications about the future course of policy are given.