• privacy concerns access to more detailed data going as far as the data collected through siwft in foreign jurisdiction raises concerns about privacy. indeed, regulators and authorities nowadays have access to more detailed information about individuals through various databases established for taxation, war against terror, business statistics etc. not only is there a risk that we collect too detailed and confidential information but also that these databases are interlinked. the constitutional checks and balances have to be adjusted to these developments as well as our consensus concerning the rights of an individual versus the rights of society as a whole. conclusion the essential question is to know whether all these data requests are really necessary. indeed, is it necessary to collect so much specific and detailed data? i think that is not the case and there are several possible ways forward in order to reduce the associated reporting burden. • better cooperation between regulators and the political will to abandon some very specific and detailed requests made by a single regulator in order to build up common needs and data requests. • collect more appropriate data : when introducing new data requests, statisticians should review their needs in order to abandon those that are not important in order to maintain the burden at an appropriate level and avoid increasing it constantly. it should be said that policy makers must also accept a certain loss of detailed information since policy makers are the driving force behind the data requests. • collect the important information and derive details on the basis of less frequent surveys. thank you for your attention.

would like, the adjustment to the decline in the terms of trade is well advanced, and nonmining activity is improving rather than deteriorating. if the latter trend continues, it is credible to think that we can achieve better output growth, particularly as we reach the later phases of the decline in mining investment. this is what is needed to bring down the unemployment rate. as always, global factors will be important and the international setting continues to be a rather complex one. since the last hearing, growth in the chinese economy has continued to moderate. growth in other parts of asia was also weaker around the middle of the year. reflecting these outcomes, forecasts for global growth over the period ahead are a little lower than they were six months ago. that was the backdrop for a period of volatility in some financial markets. the unwinding of an equity market bubble in china appears to have served as the proximate trigger for a revision of equity valuations around the world. risk appetite diminished somewhat and the currencies of many emerging market economies came under downward pressure. whether that financial volatility itself will serve further to dampen global growth prospects remains to be seen. sometimes such events portend a wider set of economic events, but just as often, they don ’ t. in the present instance, it is important to stress that long - term debt markets and core funding markets for financial institutions have not been impaired. these markets remain open and it is still the case that highly rated private borrowers and most sovereigns can borrow at remarkably low cost. things could change, but at present we do not see anything approaching the dislocation of funding channels seen in serious crises. to be sure, emerging market countries are under some pressure and some of them have specific problems that are being recognised by markets. at the same time, though, many emerging market countries have done quite a bit to improve their resilience over the years. it ’ s also worth noting that performance in the unites states continues to improve. everyone knows that, eventually, this will have to be reflected in less accommodative us monetary policy. some fretting about the first increase in us interest rates for nine years is to be expected, no matter how well telegraphed it has been. the more important factor, though, will be the pace of subsequent increases. the federal reserve has indicated this is expected to be very gradual, but of course that will depend on what happens with the us economy