Tommaso Padoa-Schioppa explained, sixteen years ago, that a central bank contributes to monetary stability also through “a constant effort of information, education, and clarification that is part and parcel of defending the value of the currency.”8 Nowadays, the central banks know that effective communication and widespread understanding of monetary matters are essential for the success of their monetary policy strategy.
BIS Review 4/1998  -7-  Looking ahead, the international monetary system will increasingly be divided into three large blocs: those of the dollar, the yen and the European currency. The currencies of smaller countries will tend to be grouped around, and refer to, the three of greatest importance. The strength of each currency will depend on the credibility of the monetary policies adopted.