It is important to recognise that the Eurosystem's projections are produced on the basis of models that do not assign a relevant role to money and that there is also a host of other economic and financial indicators whose information could not be adequately conveyed by a simple figure or a statistical range.
In its decision-making the Governing Council therefore assesses the staff's projections together with all the other information under the second pillar, in conjunction with the monetary analysis developed within the first pillar.