8  See, for example, A. Orphanides (2001), “Monetary Policy Rules Based on Real-Time Data”, American Economic Review, vol. 91(4), 964-985. 4  BIS Review 126/2009  Chart 1 provides a vivid example of this problem. It displays alternative vintages of outputgap estimates for the United States as calculated by the IMF.
Although the  BIS central bankers’ speeches  5  ECB Governing Council defines the monetary policy for the entire euro area, meaning that country-specific developments only have an indirect influence, I would like to say a few brief words about potential monetary policy problems. There is justification in that because all the large euro-area countries will be affected by an ageing society.