Let me give you another example of a measurement problem which also shows how closely linked data and model uncertainty are. In a current research project at the Bundesbank we try to shed some light on the factors that drive the recent strong money growth in the euro area.
On the whole, though, the logic behind an unpolitical monetary and financial system implies protecting oneself from the all-too-hearty embrace of politics by not being too close to the policy makers. IV Without a doubt, the year 1998 is a special one for the Central Bank Council. It will hold its thousandth meeting in the autumn.