Hence I do not propose to make any forecasts - there are presumably more than enough to choose from as a result of the conference. I will rather offer a few observations about the general processes of forming and using forecasts. Making economic forecasts remains an occupational necessity, but something of a chore, for many economists including those giving policy advice.
Throughout the procedural steps under the agreed framework, the Pact should remain the 2  BIS central bankers’ speeches  anchor for confidence in sustainable public finances. The existing flexibility within the rules should allow governments to address the budgetary costs of major structural reforms, to support demand and to achieve a more growth-friendly composition of fiscal policies.