NCB governors will, however, be well advised to have their own analyses of developments in the euro area and the global economy, prepared by their in-house staff of economists and statistical experts, possibly dealing in greater detail with issues of particular interest from a governor’s own perspective.
The example of the Federal Reserve System in the United States shows that well-prepared information is an indispensable decision aid for the participants of meetings at which monetary policy decisions have to be taken. The sounder and more compelling the arguments that a central bank governor presents to the ECB Governing Council, the greater his or her chance to convince the other members.