In a speech in March 2007, current Federal Reserve Chairman Bernanke also acknowledged that the central bank’s analysis of financial and economic conditions was becoming more complex17. Former ECB vice-President Papademos noted similar challenges to the central bank’s monetary analysis in another speech in June 200718.
However, these same public interventions also show that policymakers at either side of the Atlantic remained confident on the ability of monetary policy to continue to effectively transmit monetary impulses to financial markets and the real  12  See Globalization’s Effect on Interest Rates and the Yield Curve, article by T. Wu, Federal Reserve Bank of Dallas (2006).