2  See Statement of Intent 2013-2016, p14. BIS central bankers’ speeches  1  The why of monetary policy communication Much of the literature regarding central bank communication pertains to the operation of monetary policy. Three principal rationales exist for the transparency of monetary policy communication. First, is the need for accountability, with accountability supported by transparency?
With central banks often having significant autonomy or independence in how they pursue their objectives, Parliament, its agents (e.g. the Minister of Finance and the board of the central bank) and the public must be able to assess whether they are fulfilling their responsibilities. The public debate sometimes appears to confuse independence of objectives with independence of operation.