It has often been said that the best central bankers tend to be boring. That was just another away to emphasise the centrality of communication as one of their most important tools in guiding markets. The less surprising — and therefore disruptive — policy was, the better.

This has changed since the outbreak of the global financial crisis from about 2007, with central bankers having to devise new tools and instruments to deal with conditions that were previously unimaginable. Central banking has since then been defined by breaking taboos, including the introduction of negative interest rates and quantitative easing to deal with low inflation and the possibility of deflation...

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