And along the way the drive towards reallocation of production and re-specialisation will call for changes. The ECB’s monetary policy concept Europe’s transition to the single currency, no doubt, marked a time in which the signal extraction problem in understanding economic developments was most acute.
2  In addition to identifying systemic vulnerabilities and risks, the Bank oversees key financial market infrastructures, provides liquidity to the financial system and, if necessary, acts as lender of last resort to qualified financial institutions.