A monetary policy strategy that is well communicated and well understood by markets and the public at large can support credibility and harness market expectations, which in turn makes it easier for us to attain our objective. The more complex the environment in which monetary policy operates, the more important both these dimensions of transparency – accountability and effectiveness – become.
In its 2020 "Recommendation on financial literacy", the OECD recommends a national strategy for this.2 The "Alliance for Economic Education" in Germany is also calling for German policymakers to adopt a national economic education strategy.3 The Bundesbank is open to the idea of launching a national strategy for economic education or financial literacy. However, this is something that policymakers have to decide upon.