Lorenzo Bini Smaghi: Careful with (the D) words! (Central Bank Articles and Speeches)

I would first like to share with you the caution that policy-makers must have in uncertain times like those we are living in. Our words are carefully listened and read by economic agents and market participants, who try to get a better understanding of economic developments and possibly anticipate policy decisions. In these circumstances the safest thing would be to keep quiet, thus avoiding creating misunderstandings, with potential market impact. On the other hand, it is our responsibility to intervene in the policy discussions that are taking place in the current conjuncture, especially if these discussions take the wrong track.