These various communication vehicles give the Executive Board the opportunity to clarify its strategic outlook and to garner employees’ support. The new communication formats have been particularly well-received. In contrast to the existing formats that have been around for some time such as the Bank’s employee magazine or the intranet, they are dialogue-oriented and largely open to everybody.
So why am I talking about instruments of internal communication in the context of “targetbased management”? Because, in my experience, they are decisive in ensuring that our  BIS central bankers’ speeches  5  strategy is worth more than the paper it’s written on.