In fact, Mr. Issing explained the communications problem in the context of “euro’s external exchange rate” and the rather mixed opinion of the ECB despite its success in its main task. It is clear that the approaches of central banks to communications have changed. What are the reasons for this change?
After a series of national and regional crises (Mexico, Asia, Russia, ...) the IMF Board adopted in 2000 a Financial Sector Assessment Program. The Fund would at regular intervals (of 3 to 5 years) conduct an in depth evaluation of the vulnerabilities of a country’s financial sector and the adequacy of prudential regulation and surveillance.