Today’s concrete uncertainties stem from the continued trade tensions, vulnerabilities in the emerging market economies and financial market volatility. They are amplified by analytical uncertainties related to the functioning of the economy and the operation of economic theories, which we use daily in formulating our policies. These uncertainties are related to e.g.
the prospect of secular stagnation, the assessment of the natural rate of interest, and the slope and movements of the Phillips curve. We will hear Michaela Schmöller’s presentation about the issue of secular stagnation shortly. 1 A corollary from these factors is the additional question: what is the impact of these uncertainties on central banks’ strategies?