The other message was to make it perfectly clear that special market operations to reduce the volatility of very short-term rates around the key policy rate and to contain elevated pressures in the term money market would not undermine the price stability objective and would not involve any risk of tolerating or encouraging imprudent behaviour by market participants.
It is therefore essential, at least in the ECB’s experience,  4  BIS Review 5/2008  that a clear distinction be made in central bank communication between actions that belong to the monetary policy implementation sphere and those that aim to ensure the orderly functioning of the money market and the safeguarding of financial stability.