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Much has changed over the last decade in the world of central banking. Most central banks now see low and stable inflation as their main, if not only, target and many have been granted unprecedented independence. Financial markets around the world have become considerably more integrated and, some say, prone to irrational exuberance. With more independence has come the need for more accountability and transparency. With the increased size and volatility of markets has come the need to carefully manage communication. Central bankers have delivered a high degree of price stability, but now communication is high on their list of concerns, while private bankers and the media devote ever more energy in outguessing the monetary authorities' next moves. These issues and more will be covered by this report, originally presented to a closed meeting of distinguished central and private-sector bankers, academics and representatives of major media, and revised in the light of their discussion.