Central banks around the world increasingly use public communication to support their policy goals. The core trend towards greater transparency recognizes that part of the skill of monetary policy lies in managing expectations. The content and delivery of central bank communication become even more crucial at times of crisis. At the same time, enlarged central bank mandates, increasing levels of public scrutiny, and new technology have necessitated a deeper understanding of the entire communications process.
David Marsh, Chairman and Co-Founder of OMFIF, a distinguished commentator on global economics, provides policymakers and practitioners with a guide to the challenges, benefits and pitfalls of central bank communications, and seeks to better equip them to meet their future tasks.
- Central banking history – communications over 100 years
- Re-inventing central banks – increased range of central bank instruments since 2008-09 financial crisis
- Basic principles of accountability, transparency and responsibility to governments/public opinion
- Central bank communication in emerging economies – differences and similarities to advanced economies
2020 COVID-19 Pandemic
- Outline of central banks’ communications responses
- What has changed for leading central banks and what has remained the same
- Comparisons of key central banks – meeting monetary policy communication challenges in practice
- Intertwining relationship between transparency and monetary policy – when is transparency a tool rather than just a means of communication?
- Reporting to parliament and public opinion – the role of press and public affairs departments
- Interaction with fiscal policy – coordination with or subjugation to governments?
- Role of informal communication
- Role of social media
- Overhauling legal and political protocols
- Case histories – leading countries reviewed
- Equipping central banks to meet future tasks
- A 10-point check list to guide future action
David Marsh is Chairman and Co-Founder of OMFIF. Before starting at OMFIF in late 2009, he worked for City merchant bank Robert Fleming, corporate finance boutique Hawkpoint, German management consultancy Droege and London investment firm London & Oxford.
Marsh is a Board Member of Henderson Eurotrust and the British Chamber of Commerce in Germany, and visiting Professor at Sheffield University and King’s College London. He is former co-founder, chairman and deputy chairman of the German-British Forum.
He was made Commander of the British Empire in 2000 and was awarded the German Order of Merit (Bundesverdienstkreuz) in 2003. He started his career at Reuters in 1973. Between 1978 and 1995 he worked for the Financial Times in France and Germany, latterly as European Editor in London.