Models make a valuable contribution to forecasting. Therefore, models can make an important contribution to the setting of monetary policy. Models capture historical regularities, identify key assumptions that must be made to condition the forecast, embody estimates of the effects of past and future policy actions on the economy, and provide a disciplined approach to learning from past errors.
For improving financial market transparency, it is in fact important that comprehensive information be made available and be analysed and evaluated thoroughly. Data contribute to stabilising the global financial system. They strengthen the operational efficiency of the markets, investors are better able to make appropriate risk assessments, and, hopefully, the contagion risk and the associated herd instinct will be reduced. All this is clear.