But, as always in history, processes are neither simple, nor linear. Global Financial Crisis (GFC) has changed the world we live in, especially for us, central bankers. Indeed, as our organizers pointed out in the Conference agenda, it is time for some serious reconsideration of previous experience, but even more so of some future challenges.
•  With this, we are reminding ourselves – and those who watch us – that economic projections are subject to considerable uncertainty and are revised over time as new economic data become available. •  Our policy formulation process is more of a process of risk management rather than one of engineering.