One implication of the need to make robust policy decisions is that there is a need to take an eclectic and diversified approach to guide policy judgements, incorporating as broad a range of data and analyses as is feasible. This approach will reduce the risks of making large policy errors.
The two pillar structure of the strategy adopted by the ECB provides precisely this diversified approach and thus far has avoided making mistakes. This marks a not insignificant achievement in the environment of pervasive uncertainty which we face at the beginning of Monetary Union. 4.