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Dear
delegate,
This
course aims to equip delegates with an understanding of what
is the "best practice" approach to the exacting communication
challenges that central banks and regulatory agencies face
today. It is designed for those charged with the responsibility
for external relations as well as press officers and aims
to help them in the effective management of their organisation's
communications policy.
Communication by definition implies choice - what to say and
what not to say, how and when to say it - and making the wrong
choices can have startlingly adverse consequences. In an environment
of persistent global economic uncertainty, messages communicated
by central banks and regulatory agencies attain heightened
significance as the markets and the media search for signs
of recovery or deterioration. Misinterpreted or inconsistent
messages are risks that central banks can mitigate.
Communication policy must be approached strategically and
coherently. This is complicated by the fact that central banks
and regulatory agencies must communicate with a host of very
different audiences, which require distinctive treatment.
The wide range of audiences faced - such as financial markets,
the press, governments, parliaments, the international community,
television, the general public - all have radically differing
information needs, each of which must be addressed.
Equally importantly, an effective communications policy is
essential if central banks and regulatory agencies are to
fulfil their increasingly important commitments to transparency
and accountability. The course will demonstrate how skilled
communication can help maximise the credibility and effectiveness
of policy. Central banks' core mandate of ensuring price and
systemic stability can only be achieved by communicating their
actions, and the reasons behind them, in a clear and predictable
fashion.
Spread over four days this seminar will allow delegates to
examine each of the critical elements of a successful communications
strategy, concentrating not only on the more traditional targets
of communication policy such as the markets and the press,
but also looking at newer, and increasingly important aspects
such as the internet and even television. Delegates from central
banks around the world will also have the opportunity to profit
from discussion with their peers and their varying experiences
in this area.
Once again we are proud to present a distinguished panel of
presenters who are experts in communications and the media,
as well as veteran communications officers from the world's
leading central banks. The programme also benefits from the
advice of Professor Charles Goodhart.
We look forward to welcoming you to Cambridge.
Yours
sincerely,
William Clarke CBE PhD
Chairman, Central Banking Publications
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:::Monday
1st SEPTEMBER
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COMMUNICATING
WITH SPECIFIC AUDIENCES
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Accountability
and transparency: relations with politicians
David Ruffley MP
Member of the UK Parliament and member of its Treasury
Select Comittee
The
increasingly widespread independence of central banks
requires that they be accountable for their actions.
Central banks rely on political support for their legitimacy,
especially in times of crisis. Relations with parliaments
can suffer from inappropriate or insensitive communications
policy. Central banks need to act transparently to assure
governments that they are keeping to their remit. Central
banks' traditional tendency to obfuscate to keep scrutiny
at bay is no longer an option
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How
to communicate with financial markets
Gerard
Lyons
Chief Economist and Group Head of Global Research, Standard
Chartered Bank
Although
transparency enhances predictability, financial markets
are primarily concerned with sound performance. Without
the confidence and trust of the markets monetary policy
becomes ineffectual, so credibility is critical for
policy to function effectively. Constant cooperation
and consultation with market players is needed. This
session, Gerard Lyons, one of the most well-known economists
in the City of London, explores how markets read central
bank actions, and what central banks can do to be better
understood. In particular, what kind of information
should central banks release, when and how?
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How
to communicate with the financial media
Ed
Crooks
Economics Editor, The Financial Times
Paul
Wallace
The Economist
A
positive image in the press can make life significantly
easier for central banks. The general public is less
interested in the complicated technical information
central banks are most skilled at explaining. Consequently
the press often follows people rather than issues, which
can be frustrating. How can central banks determine
what information journalists find useful and what they
will ignore, or what makes a good story? Central banks
face a media whose function is to make, often critical,
judgements about them. How do publications like The
Economist or the Financial Times arrive at their editorial
line? Leading financial journalists will discuss in
a seminar session what informs their opinions and how
delegates can apply these lessons in practice to their
media relations work.
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:::Tuesday
2nd SEPTEMBER
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INTERNATIONAL
BEST PRACTICE
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Workshop:
Approaches to communication
--------------------Participants--------------------
Peter
Bakstansky
Senior Vice-President and Head of Public Information,
Federal Reserve Bank of New York
Manfred
J. Körber
Head of Communications Directorate, European Central
Bank
Wolf-Rüdiger
Bengs
Deputy Head of Public Relations, Deutsche Bundesbank
Andrew
Wardlow
Deputy Head of Public Relations and Chief Press Officer,
Bank of England
This
workshop brings together some of the most experienced
communicators from the world's leading central banks
to discuss how they approach communications policy and
what they understand to be the principal challenges
in their respective institutions. The session aims to
put forward a "best practice" for central bank communication,
and the speakers will share their knowledge with the
delegates and indicate what to say/do and what not to
say/do when dealing with the external relations of a
central bank. Each speaker in turn will give a brief
talk which will lead into discussion and debate in roundtable
format, allowing delegates to compare and contrast the
varying strategies that central banks adopt.
Peter
Bakstansky will begin by talking about establishing
and sustaining credibility and how that contributes
to successful policy. He will also address the issue
of crisis communications.
Manfred J. Körber will discuss communication
policy from the viewpoint of a supranational institution
as well as the challenges involved in setting up a communication
strategy from scratch.
Wolf-Rüdiger Bengs will talk about the role of
communication policy from the perspective of a national
central bank within the Eurosystem.
Andrew Wardlow will consider the public relations
challenges for a newly independent central bank, and
how to build credibility within a new institutional
framework.
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:::Wednesday
3rd SEPTEMBER
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THE
CHANGING FACE OF COMMUNICATIONS
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Maximising
use of the internet
David
Bowen
Editor-in-Chief, Bowen Craggs & Co; Financial Times
Internet Columnist
Although
providing cost-effective and instant access to a global
audience, this invaluable resource is still surprisingly
underused by central banks. In this session a leading
website expert demonstrates how central banks can make
the most of the internet and maximise the potential
benefits it offers. Websites allow unparalleled opportunities
for central banks to satisfy demands for transparency,
and also to communicate directly with the markets and
the public without media bias. The group will also discuss
how to cater for their various different audiences which
have different needs and expectations.
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Establishing
a culture of operational risk governance
Roundtable discussion
For
central banks, a crucial issue with regard to operational
risk is reputation. The session will address the appropriate
framework for tackling operational risk at central banks
including provision for disaster mitigation, crisis
management as well as day-to-day operational risk. The
group will discuss how central banks can provide checks,
safeguards and contingency facilities and integrate
operational risk considerations into their central bank's
risk management framework.
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Best
practice for central bank websites
Brent Eades
Senior Consultant for Web Communications, Bank of Canada
A
professional and actively managed website for any public
organisation has now come to be expected. The quality
and usability of a website will affect the public's
perception of a central bank, and it must therefore
be of the highest order. But too many central banks
have poorly maintained and outdated websites which damage
their professional image. Therefore a well-thought-out
internet policy is essential. Here the key issues involved
in building a first-class website are identified
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The
use of public information surveys by central banks:
the Banque de France experience
Elisabeth Ardaillon
Head of Communications and Press Directorate, Banque
de France
This
session will examine how a central bank can benefit
from measuring and understanding the public's perception
of its activities. Like other central banks, the Banque
de France has been using for several years a regular
barometer of the general public's opinion. How has this
tool been developed? What is the purpose of this barometer
and how do its results influence communications policy?
What is best practice in this area in terms of the frequency
of surveying the general public's opinion, or whether
results should be published?
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Media
training
Steve
Levinson (ex Channel 4 News)
Director of HBL Media
Central
banks are coming under heightened pressure to provide
greater media access and interview opportunities. The
session will examine why this trend has emerged, and
what central banks can do about it. One valuable option
is the use of media training as central bankers are
often not adequately primed to deal with uncompromising
journalists. The presentation will look at what media
training involves and what it seeks to achieve; and
particularly at the demands that come from the broadcast
media. Do central banks sufficiently understand and
differentiate between the requirements of the print
and broadcast media?
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:::Thursday
4th SEPTEMBER
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MASS
COMMUNICATIONS
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Communicating
with a global audience
Graham Hacche
Deputy Director of External Relations Department, International
Monetary Fund
There
is a growing need for central banks to be able to communicate
beyond their own domestic audiences on a continental
and even global level. But the approaches and consequences
of reaching such wide audiences are significantly different.
Identifying the issues that are relevant and finding
the appropriate channels through which to communicate
on this scale is a particular challenge. The IMF is,
by definition, confronted with communicating to a global
audience on a daily basis. The demands this places on
the organisation and the methods through which it is
achieved will be examined.
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Television:
how central banks can reach a mass audience
Evan
Davis
Economics Editor, BBC
Central
banks have limited television coverage. But television
allows central banks to transmit their message to a
wide audience, much of which would otherwise be entirely
ignorant of central banks. How can central banks increase
coverage - and do they always want to? When central
banks do succeed in provoking interest from television,
how can they assure that its image will be portrayed
positively, and that the general public will understand
its actions?
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