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However, the quality management for this database, which is provided by  BIS Review 50/2008  5  Secondly, the ECB could support ongoing market initiatives to improve transparency by offering its expertise in the international standardisation of definitions and classifications (looking, for instance, at how to define a covered bond, a mortgage prepayment rate or the residency of a bond issuer or holder, or considering ways of consistently classifying counterparties). This could include dialogue with the financial industry in the context of the possible enhancement – under consideration by the European Commission – of the supervisory disclosure requirements under the so-called Pillar 3 of the Capital Requirements Directive so that the information to be disclosed is based on clear definitions and reported in a standard format and with sufficient frequency and timeliness. Thirdly, as regards the Short-Term European Paper market, the ECB is also involved in the actual compilation and publication of relevant statistics, and such transparency may come at a premium in the current circumstances. In general, more statistical data may be collected by NCBs on an ad hoc basis, from selected key players, for instance in relation to particular types of financial innovation. I also invite the STC to contribute to the enhancement of the financial literacy of euro area citizens and to further improve the accessibility of its statistics for specific target groups. Conclusions European policy-makers need to have at their disposal a wide array of timely, high-quality statistics on which to base their decisions.