Second, central banks need to be strategic in their approach to communications. By communicating in a timely and effective way, we can engage the markets and the public in the issues we face. At the same time, public input helps make monetary policy more effective. And finally, there will continue to be numerous day-to-day challenges in communicating monetary policy.
But in addressing these challenges, be they complex ones like the conditionality and  BIS Review 56/2004  5  forward-looking nature of monetary policy or technical ones like capitalizing on new technology, we are always striving to achieve better, more effective policy. Communications is indeed a vital tool in helping the Bank achieve the goal of low, stable, and predictable inflation.