Communication about  3  John B. Taylor, “Discretion Versus Policy Rules in Practice,” Carnegie-Rochester Series on Public Policy, North-Holland, 39, 1993, pp. 195–214. BIS central bankers’ speeches  3  that path, in turn, gives the public a much deeper understanding of the analytical approach that guides monetary policy.
Cooperation among central banks will be crucial, as it was in other phases of the global financial crisis. Challenges from asset management Financial autonomy is an essential pillar of central bank independence. The unconventional measures have expanded central banks’ balance sheets enormously; the exposure to risk inherent in these asset purchases has increased accordingly.