Central banks around the world are still learning the best ways to communicate monetary policy. This is an important element of the art, rather than the hard science, of central banking. I believe that we at the Bank of Canada have made great strides in this area.
So let's now take a closer look at the issue of transparency in setting monetary policy from the three perspectives that I mentioned at the outset: transparency about our policy framework; transparency about the inputs, the processes, and the reasoning behind monetary policy; and transparency about our assessment of the outlook.