But the persistence of the bias year after year suggests that it more likely results, at least in part, from the proclivity of firms that sell securities to retain and promote analysts with an optimistic inclination. Moreover, the bias apparently has been especially large when the brokerage firm issuing the forecast also serves as an underwriter for the company’s securities.
In 1973 Ireland acceded to the EU in a process to which you played a significant role as Governor of the Irish Central Bank. So far I have looked backward but in true Central Banking style I have done so only so that I may look forward, in particular to the challenges facing Europe now.