The article outlines the European Central Bank’s (ECB) communication characteristics since its foundation, with specific attention to the activities carried out during Mario Draghi’s presidency, from 2011 to 2019. Starting from some historical notes on central bank communication, are examined the reasons, degrees and possible problems. The subjects who are in charge of communication are then outlined, "who communicates", and the contents that are conveyed, "what is communicated", as well as the effects of communication and its relationship with the issues of transparency and accountability. With regard specifically to the European Central Bank, an in-depth analysis is also offered on the communication in Annual Reports from 1998 to 2019. Finally, some deductions are outlined about Draghi’s Government communication.