These projections, which incorporate the uncertainty and risk assessment of the ECB/Eurosystem staff, are an important input into our economic analysis, but not the only one. The speeches and interviews given by the Governing Council members to many different audiences in the inter-meeting period are another important channel of communication.
These provide additional opportunities to explain our monetary policy decisions and to comment on other topics within the ECB’s sphere of competence. The speeches are an especially useful means of communicating, across the euro area, the single monetary policy formulated by the ECB, which is a supra-national institution.