The world we face today is aptly described by using the acronym 'Vuca', which stands for volatility, uncertainty, complexity and ambiguity. Many of the backwardlooking models, that run on past data, may fall short of providing useful information and estimates for policy. The department must further strengthen its consultative approach to collect first-hand information directly from the stakeholders.
Andreas Dombret: Deutsche Bundesbank’s 2013 Financial Stability Review Opening statement by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the press conference of the Deutsche Bundesbank’s 2013 Financial Stability Review, Frankfurt am Main, 14 November 2013.