monetary policy practice. therefore, it is highly desirable to discuss the implied risks at different levels : ( i ) first, the risks should be discussed by the staff. ( ii ) second, an evaluation of the risks should be performed interactively by the decision - making body members and the staff ( alternative scenarios can be produced on the basis of these discussions ). ( iii ) third, the risk and the alternative scenarios should be discussed by the decision - making body members during the policy meeting. it is clear that all the above - mentioned properties can be satisfied when either a bank board or a policy committee are making the decisions. over the years it has been proven that both systems can work well. on the one hand, a policy committee automatically encompasses the property of separateness and the full devotion of its members towards monetary policy. on the other hand, bank board members are probably identified more closely with the institution and offer a more diversified view of policy conduct. indeed, it is really difficult to distinguish which system is superior ; the prevailing solutions are determined by tradition and other local conditions. nevertheless, what is, in fact, of critical importance is the legal framework that is used as the background for the decision making. the decision - making body ’ s mandate should arise directly from the central bank law, or even the constitution, and should be sufficiently ‘ clear ’. any internal agreement shifting policy responsibility towards somebody who is not explicitly referred to in the central bank law, and thus assumed to be policy responsible, could be highly vulnerable and unstable. this could become apparent as soon as a period of tough decisions arrives. the implications of all this can be split in two groups. the first group covers a rather general implication that can be summarized as : the policy decision - making role should be performed by a body that is well defined in the central bank law. in addition, regardless of whether the decision - making body is a bank board or a policy committee, it should fulfil the properties of diversity of opinions, regularity, separateness, staff independence, openness, and dealing with uncertainty. the second group of implications then offers more a practical view which can be summarized as follows : a ) the ‘ policy decision - making ’ body should have a strong background in law, b ) the meeting devoted to monetary policy should not deal with any other issue, c ) the forecast and economic analysis should be submitted by the staff so as to constrain ‘ information filtering ’, d ) the decision makers should

zdenek tuma : the importance of statistics - a central banker ’ s view introductory speech by mr zdenek tuma, governor of the czech national bank, at the conference “ statistics - investment in the future ”, prague, 6 september 2004. * * * good morning, ladies and gentlemen, let me join my distinguished colleague, head of the czech statistical office, mr fischer and welcome you to this conference at the czech national bank ’ s congress centre. one reason the czech national bank is co - organising this event is our own involvement in the statistical field and consequently a close co - operation with the czech statistical office. statistics is somewhat overlooked by the general public who does not perceive it as an area of primary significance, unlike matters such as privatisation, corruption, bankruptcies, problems of the banking sector, functioning of the courts, law enforcement and the other major transformation issues. the less statistics is the subject of attention - grabbing articles and reports in the media, the more systematic work it requires. work that is often very demanding, particularly as regards to data consistency and detailed profiles. indeed, it is the level of detail which is subject to sensitive evaluation. that is why, one of the most difficult tasks in statistics is to strike a balance between the amount of information required and the burden laid on respondents. statistical information is used not only for passive monitoring of past developments and their disclosure in statistical publications, but also as a basis for real - life decision - making by economic agents. statistical data is used in various negotiations. there are many examples. wage bargaining is strongly affected by the evolution of prices. so - called “ inflation clauses ” form part of many agreements, for example rental contracts. statistical data also serve as a basis for the decisions of various authorities. central banks are a specific category. they significantly affect the economic environment. to be able to perform their duties properly, central banks need high - quality statistical information. “ nothing is more important for monetary policy than good statistics ”. this is how alexander lamfalussy, the former president of the european monetary institute, the predecessor of the european central bank, characterised the importance of statistics for successful monetary policymaking. this year marks the fifteenth anniversary on the path of transformation from a centrally controlled economy to a market economy. all areas of our life underwent dramatic changes, statistics being no exception. in the early 1990s, the czech national bank worked in close co - operation with the international monetary fund. individual missions visited us several