BIS Review 62/2007  5  Changes for more efficient communication Ever since the inflation target was introduced, openness and clarity have been guiding principles for us. We have gradually implemented changes to become more transparent and more efficient in our communication. In February we presented for the first time our own forecast of the development of the policy rate over the coming years, something that our colleagues in Norway and New Zealand have also done. And as I mentioned earlier – a central bank can hardly be much more open and clear with regard to its monetary policy intentions. This increases the opportunities for evaluation and accountability. It has also become easier for us to explain our decisions and forecasts and to outline alternative scenarios for the interest rate. We are better able to live up to the requirements made in our interaction with the general public and the financial markets. There are also other examples of measures taken to increase our openness. Here I am thinking about the publication of minutes from the monetary policy meetings, our monetary policy reports, the many speeches held by Executive Board members every year and the hearings of the Governor by the Riksdag Committee on Finance. Clarity, not just openness – quality, not just quantity But efficient communication is not merely about quantity, it also concerns quality. Publishing a lot of information and doing so very often does not necessarily make the message clearer and the communication more efficient. It is not enough to merely be open.
Access to credit  Mar-17  Oct-16  May-16  Dec-15  Jul-15  Feb-15  Sep-14  Apr-14  Nov-13  Jun-13  Jan-13  Aug-12  Mar-12  Oct-11  May-11  Dec-10  Jul-10  Feb-10  Sep-09  Apr-09  Nov-08  Jun-08  Jan-08  Aug-07  Mar-07  percent 24 22 20 18 16 14 12 10 8 6 4 2 0  Interest rate of mortgage loans, RON (%)  Interest rate for new mortgage loans, RON (%)  ROBOR 3 M  price to income  Source: Eurostat, NBR, Credit Bureau  10  Figure 14. Mortgage credit and the gross savings rate percent 30  percent 16 14  Figure 15. Share of local currency mortgages percent 100  25 75  12 20  10 8  15  6  50  10  4  25  5  "First house" (%GDP) Mortgage credit other than "First House" (%GDP) Gross saving (%GDP) (rhs)  Source: NBR, FNGCIMM, World Bank  dec.-16  mar.-16  iun.-15  sep.-14  mar.-13 dec.-13  iun.-12  sep.-11  dec.-10  mar.-10  Mortgage credit (%GDP)  0 iun.-09  2016  2015  2014  2013  2012  2011  2010  2009  2008  0 2007  0  sep.-08  2  Share of outstanding RON mortgage-backed credit (%) Share of new RON mortgage-backed credit (%)  Source: NBR, Credit Bureau  11  Figure 16.