We wouldn’t do it if it was basically invisible in the data. We do think this will visibly move the pathway for the outlook of inflation, but of course it’s hard to demonstrate. There’s a whole range of different techniques: you can use structural models, you can use data models, you can do different ways of tackling it.
BIS Review 2/1998  -5-  Personalities The ECB Statute does not seek to establish a currency standard excluding all and any room for discretionary manoeuvre. Consequently, a role will be played by the personalities responsible for formulating and implementing monetary policy. That applies especially to an institution which is completely new. Public controversies about the filling of top posts damage credibility.