We all want to believe that someone, somewhere, does know and can tell us what to expect. But the truth is that the best we can  BIS central bankers’ speeches  3  do when talking about the future is to speak about likelihoods and possible alternative outcomes. This is not a counsel of despair.
Fabio Panetta: Micro and macroprudential supervision in the euro area Introductory remarks by Mr Fabio Panetta, Deputy Governor of the Bank of Italy, at the conference “Micro and Macroprudential Supervision in the Euro Area”, Università Cattolica del Sacro Cuore, Milan, 24 November 2015. *  *  *  1.