Trichet on the ECB's use of statistics

In a speech on 'The ECB's use of statistics and other information for monetary policy' given on 11 November, Jean-Claude Trichet of the ECB said the ECB has to avoid overreacting to short-term movements in economic data.

"The availability of a vast wealth of raw data from diverse sources may mean that policymakers become constantly bombarded by conflicting signals. Amidst such a flood of information, policy runs the risk of losing its bearings and of overreacting to the latest indicator,"

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