On the need for communications, we have no doubt that it enhances the effectiveness of monetary policy in a liberalized market environment. In fact, the experience in India shows that the need to communicate, by itself, compels far more rigorous thinking and analyses, as it is said that the best of learning comes from a compulsion to teach.
The compulsions to communicate catalyse the processes to improve the quality of decision making and by providing a helpful feedback. 1  Talking About Monetary Policy: The Virtues (and Vices?) of Central Bank Communication, Prof. Alan S. Blinder, May 8, 2008. BIS Review 85/2008  1  Democratic accountability, as a reason for better communication, is very valid for India also.