It has both served to maintain a focus on the longer-term inflationary trends that are  6  BIS Review 50/2008  fundamental to effective monetary policy making, while also deepening our understanding of financial conditions and their cyclical implications.
Second, the turmoil has identified a number of lacunae in the statistical basis for the analysis – for example, regarding the extent of credit risk transfer from bank balance sheets – that need to be addressed. Third, from the outset of Monetary Union, the ECB has maintained both the necessary staff expertise and the required statistical base for a thorough monetary analysis.