As such, unexpected events can trigger upside or downside revisions to our forecasts, especially in relation to the longer-term path for the economy. It follows that public and private decision makers should ensure that choices are robust to unanticipated outcomes, rather than putting an excessive and unrealistic reliance on our central projections. Let me discuss a few of these tail risk factors.
John Hurley: The economic and financial environment in the Euro area Speech by Mr John Hurley, Governor of the Central Bank and Financial Services Authority of Ireland, at the 6th Finance Dublin Securitisation Conference, Dublin, 27 November 2007.