research and reporting. moreover, it permits interactive access to large, well - structured databases, such as the ecb statistical data warehouse ( sdw ). let me illustrate the direction of our efforts in the area of statistical communication by way of example. as explained earlier at this conference, the ecb has, together with eurostat, examined a medium - to long - term communication strategy for the harmonised index of consumer prices ( hicp ). as a first step, a new dedicated section of the ecb website devoted to inflation measurement is under development. it will include tables with detailed breakdowns of the hicp for the euro area and the euro area countries as produced by eurostat and the national statistical institutes. main aspects of the hicp for the euro area and the individual countries will also be presented in dynamic graphs supported by the most recent it visualisation tools. the graphical presentation will make it easier for the user to familiarise themselves with the facts and figures. links to eurostat ’ s website will provide easy access to further and more detailed information. while statistical communication focuses mainly on facts and figures, it must also correct false interpretations of statistics, thereby contributing to economic and financial literacy. a prominent example is the continuous comparison between, on the one hand, the hicp inflation rate as measured by eurostat and the national statistical institutes in line with the agreed methodology enshrined in european legislation and, on the other, qualitative or quantitative opinion surveys on inflation. the hicp and the opinion surveys on inflation measure different phenomena, or as some may argue different aspects of the same phenomenon. in both cases, a direct comparison is not legitimate from a statistical point of view and is likely to suggest false interpretations. just to state the obvious, once certain inflation perceptions persist in the public ’ s opinion they will not be corrected by technical explanations of statistical methodologies. a credible track record of reliable official statistics – and this applies beyond the measurement of inflation – is of utmost importance in this situation. statistical communication requires a continuous effort and is part of a long - term strategy for statistics. conclusion : elements of a strategic vision for statistics for the next ten years the governing council of the ecb has decided on a strategic long - term vision for the eurosystem statistical function. while this strategic vision is designed around the eurosystem governance structure, it entails elements of a strategic vision for statistics that is applicable more generally. this is all the more clear if we consider that the

the background to my proposal, as well as my personal views on some points of discussion regarding the conduct of monetary policy. a. developments in three gaps i have supported the concrete measures of qqe because i considered that they would open up significant opportunities in terms of three aspects. first, the measures would provide an bis central bankers ’ speeches opportunity on the demand side to create a virtuous cycle by stimulating the economy. second, they would offer an opportunity on the supply side to encourage the government ’ s growth strategy that contributes to strengthening the growth potential of japan ’ s economy and its fiscal consolidation, as well as positive actions by firms and households. and third, the measures would afford an opportunity to restore the effectiveness of the conventional interest rate policy, as zero interest rates produce stimulative effects on the economy through an improvement in economic and price conditions. in this regard, i consider that qqe has already made considerable achievements, judging from developments in the following three gaps. first, when the economy faces a shortage of demand, it is generally regarded that the role of monetary easing measures is to close the negative output gap by stimulating the economy from the demand side. as i explained earlier, the negative output gap in japan seems to have closed for the first time in almost six years, according to the bank ’ s estimate. second, the gap between the observed inflation rate and the medium - to long - term expected rates of inflation has narrowed. until recently, although the medium - to long - term expected rates of inflation had generally been in positive territory as a trend, observed prices had long been experiencing a mild decline. consequently, price stability was not achieved, placing the economy in an undesirable situation. however, observed prices have risen markedly since 2013. i personally take the view, however, that rises in prices to date have been affected significantly by the temporary factor of the weak yen, and that the underlying trend in the observed inflation rate that mainly reflects improvement in the economic environment is more moderate. still, the gap between the underlying trend in the observed inflation rate – on a basis excluding the effects of the weak yen – and the medium - to long - term expected rates of inflation seems to have narrowed to a considerable extent. third, it is estimated that ( 1 ) reflecting the narrowing of the output gap and the rise in prices, the level of the policy interest rate derived from the taylor rule has recently been on a rising trend ; and thus ( 2 ) the negative