3/4  BIS central bankers' speeches  He thoroughly revised the foundations upon which the different interpretations of Italian growth in the fifty-year post-Unification period rest (finally saying, in a 2017 paper, “it turns out we were all egregiously in error”).
In sum, I believe that effective communication for us at this stage involves the following key principles: (1) reaffirming the data-dependence of the asset purchase program, (2) giving more clarity on the type of data that will determine the endpoint of the program, as the Chairman did in his discussion of the unemployment goal, and (3) basing interim adjustments to the pace of purchases at any meeting primarily on the accumulated progress toward our goals and not overemphasizing the most recent momentum in the data.