Communications Benchmarks 2021 report – making connections

The field of central banking has come a long way since former Bank of England governor Montagu Norman uttered his dictum: “Never explain, never excuse”. Now, central banks must explain most of their decisions and are rightly held accountable to society. Not only this, but the recognition that expectations play a key role in policy means communication is a tool central banks must use adroitly if they are to meet their mandates. The consequences of mistakes can be severe.

The past year has been an extraordinary one across all central bank operations, but communications teams had to play particularly crucial roles. Internally, they needed to keep information flowing across an organisation that was suddenly scattered by the need to work from home. Externally, they had to convey rapid policy changes to an audience that had just been hit by a massive economic shock and a global health crisis.

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