As part of the strategy review, the ECB Governing Council decided to modernise its monetary policy communication.3 Amongst other things, this has led to efforts to make publications easier to read and understand, with simpler language and greater visual appeal.
We should also enhance the effectiveness of monetary policy through better transparency and stronger credibility of the central bank. B. Commercial banks shall pay more attention to various legislations and incorporate state laws, regulations and supervisory requirements to their internal controls, guided by the business philosophy of maximize profits within the legal framework.