However, we must bear in mind that, while the ability to gain trust and shape expectations through public statements is one of the most powerful tools the central bank has, the cost of sending the wrong message can also be high (Bernanke 2015).19  Designing effective monetary policy communication for the future These considerations bring us to an important question, namely how to design effective monetary policy communication?
We could discuss at length various re nements to current monetary policy communications. For example, should the accounts continue to be anonymised? Indeed, should we publish a voting record from Governing Council meetings? (Visco 2019).20 Should the Eurosystem consider publishing an equivalent to the Federal Open Market Committee (FOMC) dot plots?