というのは明らかに意訳し過ぎだが、ヨルグ・アスムッセンECB理事が金融政策におけるコミュニケーションの難しさについて講演したMostly Economics経由)。

In blogs and internet comments, via Twitter, on TV channels and in traditional print media, central banks are faced with a barrage of outside opinion that has a powerful impact on public discourse. Professors, Nobel Prize winners, analysts, chief economists, innumerable experts, any individual posting comments on the internet: they all present their analysis and opinion.

In many cases, there is thoughtful analysis. In some cases, opinionated polemics. But in almost all cases, they know better. The concepts they use, the solutions they propose and the policy actions they call for – all this shapes the public discourse, and one way or another also influences policy-makers.

The difference is that commentators do not need to assume the responsibility for the recommended actions. Policy-makers have to.

For the euro area and the ECB, the situation is even more peculiar, because the influential “commentariat” comes predominantly from outside the euro area. The big English-language newspapers, the news agencies and wire services that shape opinions in the economic and financial sphere on the Continent are all writing from outside the euro area. There is, of course, nothing wrong with friendly outside advice. And I certainly do not wish to come across as whining and complaining.

But it simply remains a fact: the analysis, discourse and policy prescriptions that are propagated come from the outside. Maybe inevitably, they come with a certain disinterested detachment. As if the outside “spectators” are not affected by what is happening.

And they come with a dangerously narrow and exclusive perspective on the economics of the monetary union. But if the profound political commitment of Eurozone countries to the historical project of “ever closer union” is neglected, the assessment remains superficial and partial. And the suggested policy responses may be biased or naïve.