Communication Tool in Central Banking. Increasing its Role for the New Reality

Abstract

The central banks started to give more importance to their communication with the public even before the onset of the global financial crisis, but the use of this complementary instrument of monetary policy intensified significantly both during the period of the financial crisis, and during the post-crisis period. While the communication policy was essential during the financial crisis, it is no less important in the post-crisis period characterized by several challenges and by the increasing incertitude about the evolution of the economy. The paper shows the way in which the central banks consider their communication policy with the public and with the market during the post-crisis period, highlighting that the challenges facing recently these institutions require refining and expanding the communication instruments.

Keywords

• complementary instrument of monetary policy
• communication policy
• financial crisis