In the remainder of my remarks I will describe the changes that we plan to make, and then explain why I believe that, collectively, they represent an important further step toward greater transparency. Toward more informative economic projections Because monetary policy affects spending and inflation with a lag, policy decisions must be based on an assessment of medium-term economic prospects.
This close cooperation between the ESCB and the European Statistical System is at the heart of the leading role that European statistics play in international statistical initiatives, such as the G20 Data Gaps Initiative and the IMF Special Data Dissemination Standard Plus initiative, in which seven out of the first eight adherents were EU Member States.