Forward guidance, in more formal or less formal ways, appears to have graduated from what was essentially a crisis-fighting instrument to now being advocated by some as part of the standard toolkit of central bankers, even in normal times. Recent experience has shown how sensitive financial asset prices have become to changes in signals over future policy.
But the push to take part in a regional project may well create the sort of dynamic which is helpful in overcoming obstacles at the national level, and the collective and individual outcomes will be stronger the more effectively market practices, and regulatory and legal issues can be harmonised at a ‘best practice’ standard.