There is no doubt that as a central bank we have been actively following these global trends and updating our statistics to new dimensions for the last ten years. We have been compiling sectoral financial accounts as an important tool for better tracking of vulnerabilities in the economy, and the first public release is scheduled for 2020. Aware of the risks that may arise in segments of the financial system outside banks we have upgraded the 1/3  BIS central bankers' speeches  statistics on deposit-taking institutions, with statistics on other financial institutions (pension funds, insurance companies, investment funds, leasing companies, financial companies). In the context of financial systems and markets, we were particularly focused on securities statistics, ensuring a better analytical infrastructure for timely risk detection. We have developed a broad and diverse database of financial stability indicators, and have been involved in the IMF reporting system on all key financial stability indicators, but also on some of the so-called “recommended” indicators. Hence, as a central bank, we have been constantly following international initiatives, enriching the statistical framework. Yet we must be aware that the enriched statistical framework also creates many new challenges. The increasing granularity of data and their frequency create an ecosystem with exponential growth in the volume and availability of data. The heterogeneity and complexity of the currently available data require a holistic approach to their transformation into official statistics.

These changes have also affected the central banks. With the onset of the crisis, the so-called conventional policies and instruments were reconsidered, the scope of our functions increased, and the expectations from us enhanced. Macroprudential function, bank resolution, consumer protection, financial inclusion and literacy are just some of the areas requiring from the central bank to play the leading role. The crisis itself and the subsequent changes to the overall central bank profile and decision-making infrastructure entail modifications in the scope, granularity, and the systematization of the available statistical data. A number of new statistical initiatives (such as the G-20 Data Gaps Initiative) aimed at enriching the statistical spectrum have emerged post crisis. The mere fact that global crisis arose exactly from the financial sector suggests that many of the post-crisis recommendations and needs for changes in the statistical system concern the central banks. The crisis has shown that excessive risk-taking can lead to a collapse of the financial system. Underestimation of the strength of the financial system’s links with the real sector and the cross-border exposures has led to inadequate assessment of macro-financial links within some economies, as well as of the global implications of shocks in some countries. This whole new context, as well as the unconventional responses of central banks to this shock had major implications for the requirements for expansion and modification of the regular statistics, as the most important “ingredient” for making appropriate monetary as well as micro and macroprudential policy decisions.