In addition, several other foreign central banks, including the Bank of Canada and the Bank of Japan, also more actively used forward guidance about the path of policy rates. Finally, the common challenges and problems of the past few years reinforced the importance of open discussion among the world’s central banks.
Central bank leaders draw on collective experience through discussion in such diverse international forums as the Bank for International Settlements (BIS), Group of Twenty (G-20), and CEMLA. CEMLA is an excellent example of what can be achieved by central bank cooperation through such means as courses and seminars, international meetings, technical assistance, publication of research studies, and exchange programs.