In contrast, the new framework for the conduct of monetary policy, introduced when the quantitative easing policy was terminated, is a forward-looking framework whereby the Bank's thinking behind the conduct of monetary policy is made public along with its projection for the economy and prices and risk factors.
We face them, too; namely, how to explain often complicated ideas in a clear and concise manner. The Federal Open Market Committee, under the leadership of Chairman Ben Bernanke, has made communication a top goal, and as I will describe in a moment, I am on record as strongly supporting this initiative. In many respects, communication is another word for education.