Under the second pillar, macroeconomic projections based on conventional models also play a role as a tool for organising and summarising existing information. In the light of the ECB's commitment to being a transparent institution, the ECB has published the Eurosystem staff macroeconomic projections since last December. However, the analysis carried out under the second pillar does not only involve the production of projections.
The staff projections cannot, in practice, include the latest developments in all economic indicators. It is therefore useful to monitor individual indicators in parallel with producing the projections, not least because such analysis also provides an insight into the forces driving the projections.