We have come a long way from the days when central banks were considered as mysterious institutions, shrouded in secrecy, and markets left guessing on what the policies could actually be. In 1981, Karl Brunner, a famous monetary economist, said, “Central Banking thrives on a pervasive impression that it is an esoteric art.
Access to this art and its proper execution is confined to the initiated elite, while its esoteric nature [is] revealed by an inherent impossibility to articulate its insights in explicit and intelligible words and sentences.” Since then, the veil on the mystique of central banks has been lifted and it is very well recognized both in academia and in central banking circles that central banks have to become more accountable.