There are good reasons to entrust the task of maintaining price stability to an independent central bank, which is not subject to potential political pressure. A central bank’s independence goes hand in hand with accountability and transparency vis-à-vis the public and its elected representatives. Accountability in particular concerns a central bank’s communication with democratically elected bodies. Accountability is closely related to transparency, which involves all mechanisms and measures through which the central bank addresses various groups and public bodies, e.g. the government, parliament, the social partners, financial markets, the citizens, etc., to communicate its policies.