I have tried to chart a way forward for a realistic overhaul of economic governance in Europe amidst new and unprecedented challenges. With war at its soil, energy supply shortages, rising inflation, and high public debt in several member states, Europe is at a turning point, and we must act now if we want to be ready for the next crisis.
This is helpful for extracting the signal being sent by monetary developments, which is relevant for identifying the longer-run trend in inflation. 4. Communication  Transparency is a cornerstone of modern central banking. It serves two main purposes. First, it makes central banks accountable to the public and this is particularly important in an era of increased central bank independence.