At the same time, the potential break in long-standing economic relationships means that quantitative models, which are usually estimated from long time series, become a less reliable guide for the interpretation of current and future  1  BIS Review 52/2000  economic developments. Thus, by necessity, the central bank should attach more weight on a detailed analysis of current economic developments.
Ladies and gentlemen, this leads me to my third observation. The Eurosystem’s two-pillar monetary policy strategy was particularly chosen to cater for a period of transition and uncertainty, although - to be frank - at the time of designing this strategy, we certainly did not have a New Economy in mind but had quite different concerns.