be misguided

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This reminder that our all-too-frequent self-congratulatory accolades about the social justice aspects of our mission can be misguided in the light of historical analysis.
Experience has shown that reliance on a specific definition of "money" in a rapidly changing financial environment can be misguided. A crucial component of the monetary analysis conducted at the ECB is the attempt to identify the underlying trend in monetary developments--the true signal from "money" broadly defined--from the set of available monetary, financial, and economic data.
He warns, however, that effort itself, no matter how concerted, can be misguided.