In 2002 I was seconded at the ECB, and tasked - with another, from the research department - with writing a note to the Governing Council on oil prices and monetary policy. If I remember correctly, in the 3 months up to the time we were writing the note, oil prices had risen in euro terms by 1/3. Consequently, my coworker and I hit on the idea of beginning the note with the phrase 'In the last 3 months, oil prices have risen by a 1/3 in euro terms'. This sentence got purged on the grounds that it was 'too alarming', and replaced with 'From time to time the oil price changes'. I hope that material flowing to the ECB policymakers is written more directly now, or, if not, that the custom widespread at the time - according to my contacts in member state central banks - of disregarding entirely briefing emanating from the centre, is still prevalent.
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Oil prices and monetary policy
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In 2002 I was seconded at the ECB, and tasked - with another, from the research department - with writing a note to the Governing Council on oil prices and monetary policy. If I remember correctly, in the 3 months up to the time we were writing the note, oil prices had risen in euro terms by 1/3. Consequently, my coworker and I hit on the idea of beginning the note with the phrase 'In the last 3 months, oil prices have risen by a 1/3 in euro terms'. This sentence got purged on the grounds that it was 'too alarming', and replaced with 'From time to time the oil price changes'. I hope that material flowing to the ECB policymakers is written more directly now, or, if not, that the custom widespread at the time - according to my contacts in member state central banks - of disregarding entirely briefing emanating from the centre, is still prevalent.