I believe that forward guidance has become an effective supplement to conventional tools; should we need another monetary easing cycle soon, conventional instruments would arguably play a less prominent role than in previous downturns. To wrap up, I think it is safe to say that central bank communication has become a proper monetary policy tool.
The statements following monetary policy meetings in every major central bank gather a substantial attention, and watchers analyse every sentence – down to the last word. 3/4  BIS central bankers' speeches  Consequently, any change in communication – either what is said or what is left unsaid – is immediately noticed and widely interpreted.