The ECB has been innovative in communicating its monetary policy decisions to the financial markets and public in general, it being the first major central bank to outline policy decisions in real time through the monthly press conference that follows Governing Council meetings.
As I have indicated, the ECB has been successful in delivering low inflation and keeping inflation expectations in line with the quantitative definition of price stability. It has also been successful in  BIS Review 63/2007  5  lowering the volatility of inflation and inflation expectations, which has helped reduce volatility in other economic variables.