However, the challenges confronting a central bank in maintaining price stability in the face of shocks should not be understated. Real-time policy decisions are made in the context of a great deal of uncertainty about shocks. Firstly, shocks, by definition, are not foreseen. Secondly, the likely magnitude and effects of emerging shocks on inflation are often unclear.
We at the European Central Bank fully support activities aimed at educating the public in financial and economic matters, and we are truly grateful for our partners’ contribution to achieving this goal. Many thanks to you all. Ladies and gentlemen, distinguished guests, it is a pleasure for me to declare the exhibitions open. Thank you. 2  BIS Review 28/2010