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I'm sure that you all know the story of the emperor who was told by a group of con artists that they would dress him in a suit that was invisible to stupid people. The trick took a long time to be revealed because the emperor, like many of his subjects, was reluctant to admit his own shortcomings despite the evidence.
Central banking forums are particularly interesting, providing as they do an environment where one can take a step back from the volatile present and, even more importantly, take perspective and ask oneself where it is that we are heading.
Just as current medicine cannot predict exactly when someone will suffer a stroke or cancer, economic science cannot predict precisely when the next recession, financial crisis or sovereign default will occur.
The European election results were less negative than feared by pro-European parties, but it is still too early to determine the changes that may come about in terms of economic policy. Currently, they are contributing to the aggravation of political problems in some countries.