Some other central banks directly disclose their policy interest rate forecast. “Putting it all out there” is, on its face, an appealing approach. It avoids the challenge of trying to perfectly  5  J. Boivin, “How People Think and How It Matters,” a speech delivered to the Canadian Association for Business Economics, Kingston, Ontario, 23 August 2011.
Clearly, financial conditions in the euro area today are more stable and resilient than they were last summer. This is partly due to our determined monetary policy actions. Governments and parliaments have also played a key role in the relative return of confidence and stability by undertaking courageous reforms, at both the national and European levels.