Finally, he or she could decide to retire later than originally planned, so accumulating more assets and shortening the draw-down period. Some combination of these possibilities could also be adopted, of course. These sums are arrived at in a hypothetical, modelled situation for the representative individual.
We also report regularly to the European Parliament. Moreover, we have recognised that, in a market economy, transparency and communication are central to the effectiveness of our monetary policy. 3 First, having a clear objective supports credibility and helps anchor inflation expectations. Second, adopting an explicit  1  See Brunner (1981), Cook and Hahn (1989) and Goodfriend (1986).