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?
A productivity program that concentrates on outputs may make great leaps in output productivity, but no gain in terms of outcome productivity, because it promotes outputs that do not correctly reflect the quality of services. This would be a sad result, indeed, and all too  4  BIS Review 64/2008  common.