At the time, I concluded that “it is the task of all the stakeholders of the global financial system […] to live up to their respective responsibilities and contribute appropriately to the stability of this system.” I trust that all will agree that this statement remains valid today.
In my view, the debate about the Bundesbank’s monetary policy directly leads to the “ex ante” aspects of data uncertainty, and thus to the following question: How should central bankers deal with measurement problems and other forms of data uncertainty during the decision-making process? I’d like to make four short remarks on that question.