One way to assess what we can learn from forecast errors is to benchmark our performance against other forecasts. Lees (2016) and Reid (2016) benchmark the Bank’s forecasting performance against other forecasters and the Bank’s own statistical models respectively.
By publishing a Financial Stability Review, the ECB pursues three objectives: first, promoting awareness of issues relevant to safeguarding the stability of the euro area financial system and encouraging an informed debate on these; second, providing an overview of sources of risk and vulnerabilities with regard to financial stability; in this way, the review seeks to play a role in preventing crises; and, third, analysing ways of promoting and maintaining a stable financial system.