Transparency in the conduct of monetary policy is of particular importance in this respect. It not only helps to avoid monetary policy surprises which might trigger inefficient and destabilising asset price fluctuations, but also clarifies the conditionality of monetary policy to developments and shocks in the context of its systematic behaviour aimed at preserving price stability.
As you know, the losses in the subprime mortgage market also triggered a substantial reaction in other financial markets. At some level, the magnitude of that reaction might be deemed surprising, given the small size of the U.S. subprime market relative to world financial markets.