‘ECB Must Accept Forecasting Limitations to Restore Trust’

Christine Lagarde, president of the European Central Bank, declared her intent to communicate the shortcomings of the ECB’s forecasts better—and in doing so, provides applied data science lessons for the rest of us. As quoted by the Financial Times:

“Even if these [forecast] errors were to deplete trust, we can mitigate this if we talk about forecasts in a way that is both more contingent and more accessible, and if we provide better explanations for those errors,” Lagarde said.