There are pros and cons of this approach to forecasting - though we are convinced that there are more pros than cons - but I have been told by some of those who have served as members of monetary policy committees in other central banks that such an approach would be virtually impossible where decisions are made by committee.
Therefore, the CEE countries benefited strongly from the ECB’s enhanced credit support policy and the unlimited provision of liquidity to euro area banks. On top of this, the ECB has offered some of the national central banks repo lines to meet euro liquidity needs. Overall, we can say that European authorities and institutions have supported the CEE countries to weather the crisis.