Projections of key macroeconomic variables carried out by Eurosystem staff are also an integral part of the economic analysis.. Of course, differences in strategy mean forecasts play a somewhat different role in the Eurosystem than at central banks pursuing an inflation targeting strategy: For example, it is important to note that these forecasts are carried out under the sole responsibility of the Eurosystem staff, not the Governing Council.
*  *  *  The views expressed here are my own and are not necessarily shared by other members of the Federal Reserve Board or the Federal Open Market Committee. Thank you for the opportunity to address the important topic of how the financial system and its regulation have evolved in response to the global financial crisis.