Given the limited knowledge of certain key structural aspects of the economy and the skewed distribution of the costs and benefits of specific outcomes, Greenspan has encouraged a “risk management” approach in the definition of monetary policy (Blinder y Reis, 2005).
Finally, let me support the calls expressed in the report of the High Level Group chaired by Wim Kok to renew the impetus in the Lisbon process and to sharpen its focus.