Apart from improvements in forecasting methodology, which is really a long-term process, there are immediate implications of this problem. One is to make better and more explicit assessments of alternative scenarios and then make policy decisions, taking into account the risks associated with different scenarios materializing. In effect, this is being done, but perhaps the communication strategy around it perhaps needs to be fine-tuned.
SPEECH  A digital euro to meet the expectations of Europeans Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the ECON Committee of the European Parliament Frankfurt am Main, 14 April 2021 Madam Chair, honourable members of the Committee on Economic and Monetary Affairs, Let me start by thanking you for inviting me to report on the outcome of the ECB’s public consultation on a digital euro.