The second line of action would be to deepen the integration of capital markets, which might eventually result in the formation of a capital markets union. To be sure, the concept of a capital markets union is not as clear-cut as that of a banking union.
More often than not, the world does not turn out as we forecast. However, forecasting is still a valuable and necessary part of the monetary policy process. Producing forecasts and allowing them to be publically subject to challenge enables us to build a solid foundation for policy decisions, learn from developments, and improve our policy outcomes.