In sum, I would argue that the evidence from the financial markets supports the idea that since the start of the Stage 3, ECB policy has always been credible and has usually been predictable. By and large the communication strategy with the markets has worked surprisingly well for a new institution. Nevertheless, it is occasionally necessary for central banks to surprise the markets.
This issue, together with other matters relating to the reform of the Bretton Woods Institutions have also been key agenda items addressed this year during the preparatory meetings for the G-20 meeting of Ministers of Finance and Central Bank Governors.