Let me now turn to a related issue, namely the publication of the ECB’s economic and econometric models. I should make clear that the ECB does not rely on a single econometric model, but rather uses an extensive set of models. The results obtained from the models are critically evaluated using expert judgement.
Policy-makers use analysis undertaken using models developed by the ECB staff, in some cases with input from staff of national central banks, as one input, among others, into their policy assessments and decisions.