Although in my remarks I will take a European perspective, at the end of my considerations I will attempt to draw a comparison between the monetary policy concept adopted by the European Central Bank (the ECB) and the one adopted by the US Federal Reserve System. Central banks and uncertainty The ECB, like all central banks, is faced with several dimensions of uncertainty.
The economy is often hit by disturbances that are difficult to identify in real time. Even when policy-makers are able to correctly assess the source and the nature of a disturbance affecting the economy, tracking its propagation profile and working out its final impact on the key variables of interest is a highly-demanding task.