The end of our purchases was anticipated to the 1st of July and, shortly after, we started raising our key official interest rates by a significant size, with the aim of frontloading the exit from their highly accommodative, indeed still negative, levels. 3. Did the ECB make policy mistakes or forecasting errors? And, if so, why?
Of course, we are very far from that because there are many islands in the Philippines that do not have a cellphone signal. But in those economies that are highly modernized, [that is closer to reality]. By the way, in one economy I know, your traffic ticket fine is higher if your income is higher. That is how good the data system is.