1 Trying to fix that speedometer and to clear some of the fog from the windshield is what I want to focus on in my remarks today. Let me start with a couple of concrete examples of the importance of improving economic statistics for monetary policy. The first concerns the measurement of productivity, that is, the amount of output for each hour of labor.
So for the time being, survey evidence suggests that inflation expectations of households and firms in Germany are somewhat less anchored than, say, a year ago. Accepting the difference in levels compared to professional forecasters that I alluded to before, the increase is worrying.