In the light of our analysis, how does the transmission from money to prices work and how precisely is it supposed to inform the policy-maker? I cannot provide you with a static toolkit to answer these questions. As in any other field in economics, we have continuously refined and updated the tools in the face of constant structural change.
2  BIS Review 97/2010  In spring 2007 the Governing Council endorsed the pursuit of an agenda to enhance the ECB’s monetary analysis. Why did we start this? How did we come to organise it? Finally, what have we achieved over the past three years? 1. Reasons for enhancing monetary analysis  Looking back, I must say that the timing was most opportune.