Over time, the statements released by the FOMC have become more informative about the Committee’s views of the economy and policy. 13  There are a number of additional transparency improvements that are less directly related to monetary policy communication, including detailed reports on liquidity facility and lending programs during the financial crisis, which can be found on the Board’s website at www.federalreserve.gov/monetarypolicy/bst_reports.htm.
Further work is underway to strengthen guidance for and monitoring of liquidity management at large cross-border banks. The FSF and its member bodies also produced a set of recommendations to mitigate procyclicality.