We must bear in mind that for many citizens, the benefits of an appropriate conduct of monetary policy are not obvious.
If our role is misunderstood, if there is a misperception of the consequences of our action and of our ultimate goals, an erosion of public support may follow, undermining central bank independence.21 As Rajan (2019) pointed out, citizens’ expectations from monetary policy can be adequate only if they get a better understanding of what the role of central banks is and what they can and cannot do.