Wednesday, May 20, 2009

All Central Banks should take note of this development

TO BE NOTED: From Mostly Economics:

Riksbank awarded for using simple language By Amol Agrawal

Riksbank (Sweden Central Bank) has been been given an unusual award. One does not really expect a central bank to get award for using plain and simple language to explain their decisions.

The Riksbank has been awarded the Language Council’s Plain Swedish Crystal for its work on making the Monetary Policy Report and Financial Stability Report comprehensible to members of the general public who are interested in reading them. The Riksbank is also awarded the prize because its work on using plain language is driven in a long-term and sustainable manner and has been integrated into the Bank’s daily work.

Riksbank explains the effort behind the award:

To formulate our message in plain language and in a way that all target groups can understand. This was the Riksbank’s objective when the Plain Swedish project was started up in 2007. After two years’ work on editing texts, providing language coaching for those who write a lot of texts and organising seminars on plain language, we are now reaping the rewards. The language in our speeches, press releases and reports has become more readily understandable and the structure has become clearer.

A project by Central bank to simplify communications! Not bad at all. This is something all Central Banks should emulate.

It has been quite a change from the Greenspan days which all central bankers followed. His famous quote:

I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.

Great going Riksbank. Actually it has been a pioneer many a times. It was the first Central bank in the world, it was quite uccessful in price level targeting, set high standards as an inflation targeting central bank and now this award for using plain language. All Central Banks should take note of this development."

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