The European Central Bank (ECB) and national central banks in the Eurozone are considering communicating with a wider audience in a structural and direct way.
Good communication increases the effectiveness of monetary policy and enhances credibility and confidence in the central bank. That’s why the ECB has also been reviewing communications over the past year and a half as part of an in-depth review of its strategy.
“Communications have so far focused on a specialized audience,” the European Central Bank wrote in a report on its communications. There is scope for significant improvement in communication with the wider public and the general media. Simple and easy-to-understand visuals and language can increase the effectiveness of communication.
There is room for significant improvement in communication with the wider public and the general media.
The European Central Bank and national central banks have already taken steps towards direct communication through the use of social media. The European Central Bank’s Twitter account has approximately 636,000 followers and the Belgian National Bank’s 4,500 followers. “These numbers are modest, certainly as a percentage of the total population.”
The European Central Bank looks with satisfaction at the hearings that have been held in all the member states of the Eurozone over the past year. Successful hearings suggest that such events can become a structural feature of interaction with a wider audience. Central banks also want to help increase economic and financial education.