of allaying any doubts regarding the eurosystem ’ s commitment to stability. through the aforementioned press conference, the ecb has a means of communication at its disposal that provides the opportunity to explain monetary policy decisions in a timely and comprehensive manner. the introductory statements are not designed to provide a comprehensive view of the range of opinions held by the members of the ecb ’ s governing council. for this purpose, the governing council has, since 2015, published what it calls “ accounts ” – detailed written summaries of its monetary policy meetings. these also show the range of arguments put forward. certain other central banks also publish the minutes of their meetings, naming who voted for what ; however, the ecb governing council has avoided doing this from the outset, for good reason. this is intended to prevent the decisions made by members of the governing council being judged from a national perspective in their home countries and thus to ward off the risk of monetary policy becoming politicised. as it happens, the bundesbank set great store by communication with the public even at a fairly early stage, back in the days of the deutsche mark. one reason for this was its marked independence, which, as i already mentioned, compels it to be accountable. at the same time, however, the bundesbank was quick to recognise how much the success of a stability - oriented monetary policy hinges on a well - informed public understanding the monetary policy strategy and appreciating the value of a stable currency. had the german public been less appreciative of its stable currency, it would have been harder for the bundesbank to implement its policy, especially as it was not always welcomed by all. thus, central bank communication in the days of the deutsche mark was not so much aimed at steering expectations. this would have put the bundesbank far ahead of its time ; after all, the importance of steering expectations as a monetary policy strategy was only recognised in the mid - 1990s. on the contrary : until well into the 1990s, central bankers did not shy away from springing a surprise interest rate decision on the markets now and then. nowadays, preparations for monetary policy decisions are communicated so far in advance that often the decision itself barely comes as a surprise. good central bank communication is also characterised by its emphasis on the state contingency of monetary policy decisions – in other words, it clarifies that the monetary policy 3 / 9 bis central bankers'speeches stance is contingent on the economic

jens weidmann : central bank communication as an instrument of monetary policy lecture by dr jens weidmann, president of the deutsche bundesbank and chairman of the board of directors of the bank for international settlements, at the centre for european economic research, mannheim, 2 may 2018. * * * 1 introductory remarks professor wambach, ladies and gentlemen i would first like to thank you very much for inviting me to speak here at the centre for european economic research as part of the “ first - hand information on economic policy ” series of lectures. when i hear the phrases “ economic policy ” and “ hand ”, i can ’ t help but think of harry truman ’ s famous demand for a one - handed economist. by always assessing everything “ on the one hand... on the other hand ”, the economists clearly got on the then us president ’ s nerves. in this case, it goes without saying that “ first - hand information on economic policy ” has little to do with “ one - handed ” economists. no, “ first - hand ” in this sense means “ directly from decision - makers ”. with that definition in mind, as bundesbank president and member of the ecb governing council, i should obviously talk about monetary policy. it has now been seven years since i delivered my first speech as bundesbank president, and i have given a few more in the meantime. i haven ’ t been keeping count, but the database of public speeches on the bundesbank website now contains more than 150 entries. not all of my speeches, but a large number of them, are partially or even primarily about matters of monetary policy. speeches have become a vital means of communication for monetary policy decision - makers. the six members of the ecb executive board alone have given 150 public speeches over the past year. and speeches are just one means of communication. other channels of central bank communication are interviews, press conferences, and regular publications of reports. close attention is paid, in particular, to the ecb president ’ s introductory statement at the beginning of the press conferences following ecb governing council monetary policy meetings. ecb watchers scrutinise every word. changes in communication are very keenly noticed and analysed. and it is not only what is said but also what is left unsaid that can send a message. “ one cannot not communicate. ” from that perspective, this well - known quote by communication theorist paul watzlawick also applies