The oil rich nation, Saudi Arabia, is harnessing the sun and expanding its solar capacity to create new jobs. We can and must do the same. Our switch to renewables will lead to new industries as well and create the potential for greater investment diversification, as investors look for “green” options for pension funds, etc.
This is in a sense what the cross-checking is all about. Of course, the merits of a more formalised forecasting combination would have to be weighted against any possible loss of information that might be associated with it. This brings me to another criticism that is sometimes voiced, namely that monetary developments are not regarded as being informative about the Eurosystem’s monetary policy decisions.