At the Bundesbank, we are forced to make do without a crystal ball – and this means deploying considerable resources to produce economic forecasts. Strategic planning is a tried and tested instrument used by the Bundesbank to ensure that we are ready to respond to the influences of a dynamic environment at any given moment.
But membership in the European Union, which is based on common values and respect of the rule of law, brings also its obligations. The question is: How to preserve the rule of law, how to preserve independence of public institutions, including central banks and financial supervisors, from undue political influence?