And the fact that monetary policy operates over a medium-term time frame compounds the communications challenge. How can a central bank best address this communications challenge? I believe that we must be able to tell a coherent narrative - in other words, a story.
Finance and banking are no exemptions to this experience, much to the contrary, but I would like to stress that ignoring the lessons of history is not the rule in the financial community. Let me mention two or three examples from the area of central banking policymaking.