Both. The ultimate goal is to have credibility with price setters – but that requires buy-in from price setters and institutions that influence price setters. In both cases a clear narrative about why actions are taking place, and what the Bank is doing (looking forward) is essential.

I would even go far as to say that central banks generally agree with this and generally do things in a way consistent with this! My concern is that communication is a bit messy at the moment due to a mixture of reactive explanations and difficulty trying to explain monetary AND financial stability policies. This comes from ensuring that there is a clear communicative framework – I don’t agree the issue boils down to “introverts vs extroverts” which is a false dichotomy, but one Shaz seems to be using as a metaphor to discuss his core message.