Our words are carefully listened and read by economic agents and market participants, who try to get a better understanding of economic developments and possibly anticipate policy decisions. In these circumstances the safest thing would be to keep quiet, thus avoiding creating misunderstandings, with potential market impact.
I would like to review the most important elements of this research effort with you today, and indicate how it has been informed and shaped by our recent “battlefield experience.” Towards the end of my presentation, I will try to give you a sense of where things stand in our search for further improvements to the monetary policy framework, as well as some of the major outstanding issues.