With so much accounting misconduct in big corporations, stakeholders wonder why books are not being reviewed on the default assumption that there could be fraud afoot. Accounting experts explain that the kind of forensic auditing that reconstructs fraud is so time-consuming and expensive that it could bring an honest business to its knees.
This is now the single most critical factor in determining the course of monetary policy. Last December, the ECB Governing Council started the gradual process of monetary policy normalisation. And we have been fortunate to have our renewed monetary policy strategy in place as we face the current turmoil. The ECB strategy review was a critical turning point in ECB monetary policy.