In addition to this, we believe that it is a basic task of the relevant public authorities to create a framework that is conducive to fostering financial integration. If the opportunities this creates are exploited by market forces, true financial integration will have been achieved. 1  See the ECB’s website at http://www.ecb.int/ecb/html/mission.en.html.
The new challenges and complexities of today’s environment make clear that communication strategies will play an increasingly important role in the dialogue between central banks and markets. In this regard, I want to conclude by mentioning two recent developments at the ECB: The first one is forward guidance. Forward guidance is central bank communication about future policy intentions, not a new monetary policy strategy.