Europe’s central bank has opportunities for communication.
The communication fostered by a central bank is a fundamental element of fiscal policy. In fact, it is an instrument of that policy.
Even those who have little interest in the central bank constantly come across statements by this or that central banker in the newspapers. Perhaps, in the end, they read the entire article because the statements of central bankers can have a significant impact on financial markets and, hence, on the savings of individual citizens.
Central banks were not always so communicative. There were times when the most important central bank in the world—the U.S. Federal Reserve Bank—didn’t even publish its decisions regarding interest rates. The rest of the world was expected to draw conclusions about fiscal policy from market reactions. Something like that can scarcely be imagined today, but it was only in 1994 that the Fed decided to promptly make public its decisions on interest rates.