The voice of the central bank in times of uncertainty
The NBU’s Volodymyr Lepushynskyi explains the importance of transparent comms in maintaining trust and managing expectations
Former Federal Reserve System chair Ben Bernanke has spoken about the importance of communications in monetary policy, saying: “Monetary policy is 98% talk and 2% action”. With the significant rise in uncertainty that began with the Covid-19 crisis and intensified after Russia’s full-scale invasion of Ukraine in 2022, Bernanke’s observation has become even more relevant. Today, few would argue that communications are not a crucial tool for central banks to maintain control over expectations and
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