In the concluding panel discussion, the panellists will deliberate on new data requirements, the need for more forward looking and pre-emptive data collection and compilation, identify best practices to enhance data integrity and communication of statistics, and the role the private sector can play in contributing better data collation. 2  BIS central bankers’ speeches  Your views today is important as it would provide insights and assistance to statistical compilers, policymakers and regulatory authorities to facilitate planning and enhancement of existing data measurement or implementation of new statistical initiatives. The end game is to facilitate effective analysis, monitoring and surveillance of the economic and financial activities and provide accurate assessment of risks and the effectiveness of policy initiatives and the state of the economy. This forum will also provide analyst an opportunity to share their views on the type of data that would be useful to them. While debating on the statistical needs of the public and private sectors, there are many areas that could be considered, amongst them: 1. Does the private sector benefit given the significant resources that have been invested by the national statistics office, regulatory authorities and government agencies to compile more comprehensive, timely and granular data? 2. What type of data that the private analysts require that would improve their analytical capability to provide analysis for informed decision making to their client? 3. Based on past experiences, data compilation always lags behind financial innovations and economic developments.

From the perspective of developed countries, the main risk arises from the possibility the prolonged very low inflation, or the occurrence of deflation, to produce  BIS central bankers’ speeches  3  significant negative effects on the economic activity and public debt sustainability. This risk is particularly pronounced in the euro zone, where the longer underperformance of inflation in comparison with the target would cause a decline in longer-term inflation expectations, which in the absence of room for loosening the monetary policy would lead to higher real interest rates and consequently, to lower economic activity. In the medium run, the risks to the global economy arise from the possibility of lower potential growth of developed economies and developing countries, as well as the possibility of prolonged economic stagnation of the developed countries (the so-called secular stagnation). The risk of secular stagnation is particularly pronounced for the countries of the euro zone, where the constantly low domestic demand due to lower investment and higher private savings would have negative effects on economic growth and productivity in the long run. Yet, the challenges for growth in the forthcoming period are not related only to the external environment. Namely, this is a period in which it appears that the room provided by the macroeconomic policies for supporting further growth is largely exhausted. Macroeconomic policies have played a key role in the post-crisis economic recovery, but they require gradual consolidation in order to prevent the emergence of imbalances in the economy.