Central Banks around the world are engaged in developing a suite of modern macroeconomic/ econometric models of the economy as a basis for informed macroeconomic, monetary, financial sector and fiscal policy decisions. It is now of critical importance, particularly, in light of the current challenges facing the economy.
In the euro area in particular, I would call for determined completion of the banking union, including the resolution fund and common deposit insurance, as well as taking the capital market union forward in order to improve the resiliency of the European financial markets in general. These provide the best prerequisite for central banks to succeed in their work.