Deep and coherent participation by the central banks in the public economic debate at the national and euro area level is needed. *** Transparency is useful also for other reasons besides retroactive accountability. It is important for policy effectiveness. Monetary policy is largely about managing expectations.
(2001), Monetary Policy in the Euro Area- Strategy and Decision Making at the European Central Bank, Cambridge: CUP; Issing et al. (eds. ), Background Studies for the ECB’s Evaluation of its Monetary Policy Strategy, Frankfurt: ECB; and ECB (2004), “Monetary Analysis in Real Time”, Monthly Bulletin October, pp. 43-63.