Conclusion  These thoughts prompt us to recognise that flexibility is a key ingredient of useful macroeconomic forecasting exercises, even as flexibility may seem to violate the very idea of a model. This tension is in fact quite important.
In view of this, the Governing Council took the initiative ahead of time and proposed a reform of its voting modalities, which was eventually ratified by all EU Member States. These new modalities will ensure continued efficient decision-making in an enlarged Governing Council. Second, communication in a multicultural and multilingual currency area is a continuous challenge.