Federal Reserve Chair Janet Yellen said Tuesday that one of the challenges for the central bank is how its multiple members communicate with the public.

"This really is one of the challenges of our system," Yellen told a European Central Bank panel in Frankfurt.

"We have a very large committee, 19 people," she said. "We've had a kind of democratization of monetary policy that began really under my predecessor."

The discussion panel—which also featured central bank chiefs from Japan, the U.K. and the euro zone—focused on how central banks communicate with the public and the markets about what they are doing to ensure price stability. Yellen said that individual speeches from committee members, mainly before a policy decision meeting, can be a hurdle for the Federal Reserve.

Read more in CNBC.