After the (temporary, alas) funeral, let me return to the three blessings. This word is a bit selfcentered, I confess, since I am referring to public policies, and each of them today raises questions: (I) regulation, (II) supervision, (III) resolution. Therefore, how could we revisit each of them? I. Regulation: a plea for an effective implementation Allegedly, if regulation had been more effective, it could have prevented the banking turmoil. For its critics, Basel III was too focused on liquidity and counterparty risks, and not enough on interest rate risk. Well- let me call into question those ideas. Such criticism is ironic: didn't anyone notice that the first blast of turbulence came from a bank not subject to the full set of Basel standards? While the Basel framework applies in its entirety to every single European bank – several thousands of them – , it applies to only 13 banks in the United States, leaving a myriad of regional but sometimes significant banks, including SVB, with much lighter requirements. According to our estimates, and in line with a study carried out by Yale University, SVB's short-term liquidity ratio (LCR) would have fallen short of the Basel requirement of 100%. Another point concerns the allegedly inadequate treatment of latent but not recognised losses in the current prudential framework. First off, we should all bear in mind that all liquid assets included in the LCR are factored in at their fair value. In addition, unrealised losses have to be disclosed in financial statements ensuring transparency.

Based on my experience as a central banker for more than 30 years, it requires a deep understanding of the economy and the financial system to make the right policy decisions. Such policy formulations needs to be based on rigorous assessments that provides the insights that will guide the decision making process. This is aided by relevant statistics, and complemented by sound judgement. Central banks are therefore not only major consumers of statistics, but also producers and disseminators of monetary and financial data. More importantly, central banks, have placed much importance on providing sufficient analysis and assessment in conjunction with the release of statistics. This aims to provide context, avoid misinterpretation and reduce uncertainty for the economic agents. BIS central bankers’ speeches  1  Key global trends shaping the universe of statistics As the world evolves, two key trends have emerged and in turn, created new and diverse demands, challenges, and opportunities in the field of statistics. First, the steady liberalisation and deregulation of economies and financial markets have resulted in intricate interlinkages within domestic financial systems and spanning across borders. While financial markets have become more interconnected globally, capital and labour mobility across borders have also intensified while trade and investment barriers have been dismantled. This has resulted in closer proximity to growing markets and facilitated the creation of globalised supply chains by corporations. These developments have had wide ranging benefits, including better risk diversification, improved efficiency and greater economies of scale.