*  *  Introduction  It is a great pleasure for me to join this distinguished panel and address a topic which is both important and challenging for monetary policy. Views and practices concerning transparency and communication have evolved dramatically in recent years.
This has been apparent in  2  BIS central bankers’ speeches  equity and bond markets, as well as foreign exchange markets. Equity markets are lower, yields for core sovereign obligations are lower, spreads for lower-rated corporates and emerging market sovereigns are wider. Exchange rates have seen more variability, with currencies for many emerging market countries weaker.