start saving up now for the higher future tax payments? this is a central question in economic policy, but we ’ re basically without a clue when it comes to finding out what applies. constant focus on the relevance of the statistics released is a challenge for the producers of statistics. there will always be demand for more statistics, but then reality and budget constraints kick in. consequently, it may be necessary to cut down on some statistical areas in order to increase focus on other and more relevant statistics. it is quite a challenge to become constantly better at optimising the use of the available data sources. a case in point is the challenges of registering the growing output in the services sector in a modern economy and capturing internet activity. statistics must be accurate and preferably timely in order to be useful. crises, especially financial crises, often erupt suddenly and sometimes surprisingly. this is a great challenge for economic statistics as they are only available with a certain lag. moreover, the crisis we have just been through was way out on the periphery of the probability distribution. we have not seen the financial markets react as dramatically and globally over the last 60 years as they did during the most recent financial crisis. this undermines the belief that we could have predicted the crisis if only we had had more statistics. for an unprecedented situation it is, of course, no use analysing historical data, believing that you can predict the crisis. the problem was more likely our failure to understand fully the available data. we must become better at understanding the interplay between the financial and real sides of the economy. a lot of research seeks to incorporate the financial sector into theoretical models of the real economy. and we have a long way to go in this area as well. consequently, there is no risk that statisticians will be out of a job right away! thank you for your attention.

collateral framework in order to provide the banking sector with appropriate liquidity. our balance sheet has grown by approximately 55 % over the last 12 months. at the same time, we have to permanently ensure that our risk management is improved to take into account the increased volume of risks. question : the financial sector has been largely safeguarded through guarantees and equity capital aid. now the car industry is asking for state support. is this not understandable? answer : the decision on this falls first of all under the responsibility of the national governments and parliaments. as a central bank, we have emphasised the fact that the financial sector is of systemic importance because it affects all other sectors, all enterprises and their employees. question : knowing what we do now, was the interest rate increase in july this year a mistake? and why is it generally so difficult for central bankers to admit to mistakes? answer : the modest interest rate increase in july was important taking into account the inflationary threats that were visible at the time. question : what were those threats? answer : long - term inflation expectations threatened to become unanchored. in addition, wage and salary demands in some euro area countries caused us serious concern that there could be broad - based second - round effects. the interest rate decision enabled us to bring medium to long - term inflation expectations back under control in line with our definition of price stability. and this regained control of expectations was, by the way, the precondition which allowed us to cut rates strongly from october when the crisis worsened. do not forget : our definition of price stability in the medium term is “ less than, but close to, 2 % ”. the interest rate increase in july must be related to the “ less than 2 % ” part. our recent decrease of rates after the intensification of the crisis in september must be related to “ close to 2 % ”. question : since then rates have been cut drastically around the world. the us central bank, the federal reserve ( fed ), has now de facto cut rates to zero. the conventional weapons of monetary policy are fast being exhausted. what unorthodox options does the ecb have at its disposal? answer : first, let me remind you that we have, in all circumstances, to deliver price stability in line with our definition “ less than, but close to, 2 % ”. question : and second? answer : second, the present unlimited provision of liquidity at a fixed rate and with a oneweek