In this connection, I would like to stress that, although the Eurosystem does not explicitly use fan charts, the way in which the Governing Council communicates the balance of risks with respect to the staff projection has, in my view, the same information content, at least qualitatively.
The economic debate has then focused on whether the tapering will trigger a pull-out of capital from the emerging world and potentially trigger a new wave of turbulence, akin to those from 1990s and 1980s.16 Preliminary research suggests that news about tapering did have indeed an impact abroad.