I have so far told you, with the help of some recent examples, why central bank communication is growing in importance. I have debated about how to go on from here. One option is to list all that we have done in the Reserve Bank to improve communication, but that may be a boring litany.
And the response to the crisis indeed took time to take shape, as we did not initially have all the instruments to address its causes and consequences. This has forced us to fundamentally reflect on what is necessary to achieve a genuine economic and monetary union. In particular, we needed to decisively and credibly address the weaknesses in the banking sector.