Central banks don't have divine wisdom. They try to do the best analysis they can and must be prepared to stand or fall by the quality of that analysis.

Summary

This quote highlights the notion that central banks, despite their authority, are not infallible or possessing superior wisdom. Instead, they rely on their best efforts to analyze and make decisions based on the information available to them. The quote stresses that central banks should be willing to accept accountability for the outcomes of their analysis, illustrating the necessity for their analysis to be of high quality. Essentially, this quote emphasizes that central banks must remain open to the possibility of making errors and should prioritize the accuracy of their analysis to guide their decisions.