this context that it is sometimes good to wear a belt and suspenders to prevent your trousers from falling down. last but not least, i would like to come back to a point i mentioned earlier on today, which is directly related to financial regulation : sovereign exposures on banks ’ balance sheets still represent a channel for the dangerous sovereign - bank nexus which acted as an accelerant in the euro - area crises. it is essential, then, for sovereign debt to be incorporated appropriately into banking regulation. 5. conclusion since i last spoke here in amsterdam 2½ years ago, a great deal of work has been done in the euro area to overcome the turmoil unleashed by the crisis, and important measures like the ssm and the srm have been implemented to safeguard the future stability of monetary union. nevertheless, now is not the time for complacency. if we are to shore up the resilience of emu, it is mainly the individual member states that are responsible for strengthening their economies. but additional measures at the european level are needed to foster growth in the euro area. and last but not least, we will need to make further reforms to emu ’ s institutional framework. these reforms can lay the foundations for restoring the 8 / 9 bis central bankers'speeches balance between control and liability. thank you for your attention. 1 see, for example, ann harrison, john mclaren and margaret mcmillan ( 2011 ), " recent perspectives on trade and inequality ", annual review of economics vol. 3, pp 261 - 289. 2 see, for example, daron acemoglu ( 2003 ), " patterns of skill premia ", the review of economic studies, vol. 70, no. 2, pp 199 - 230 ; paolo epifaniand gino gancia ( 2008 ), " the skill bias of world trade ", the economic journal, vol. 118, issue 530, pp 927 - 960. 3 oecd ( 2015 ), " in it together : why less inequality benefits all ", paris. 4 stephen g cecchetti, madhusudan mohanty and fabrizio zampolli ( 2011 ), " the real effects of debt ", bis working papers no. 352. 9 / 9 bis central bankers'speeches

in labelling the content of photos on imagenet, a dataset of over 10 million images, have fallen from over 30 per cent in 2010 to as low as 2. 2 per cent in 2019. this has, inter alia, big implications for the identification of fake banknotes, which is part of our central bank work. the exponential growth of digital data, such as images, videos and speeches, from numerous sources ( e. g. social media, internet - of - things, etc. ) is driving the search for tools that allow us to extract relevant information from disparate kinds of data. private companies have played an important role in collecting and organizing behavioural microdata on firms and households. in this respect, we can mention a recent paper on the economic impact of covid - 19 by professor raj chetty and his team at opportunity insights. 2 using anonymized data from a large number of private companies, professor chetty and his co - authors develop a publicly accessible platform, which measures some important macroeconomic variables such as spending, employment, and other outcomes both at a very high frequency, and at a very granular level. their work shows how new nontraditional data can be used to obtain quasi - realtime insights into the effects of the covid - 19 pandemic. along the same lines, a recent study by colleagues of banca d ’ italia, banque de france and the bundesbank points to the role of nontraditional data and indicators for a rapid assessment of the implications of the pandemic. 3 4. banking and financial industries have been profoundly impacted by these developments. central banks are now using big data to improve their capacity to carry out their missions : monetary policy, banking supervision and payment system oversight. over the next two days, we will hear about several studies applying new data sources to different issues relevant to central bank activities. some papers focus on the new data and tools available to improve the trade - offs between the objectives for inflation, employment / growth and financial stability. others show the advantages provided by machine learning methods for estimating and ‘ the economic impacts of covid - 19 : evidence from a new public database built from private sector data ’, nber working paper no. 27431 doi 10. 3386, june 2020. professor raj chetty is 2013 john bates clark medal and is a prominent member of the harvard faculty. see g. veronese, c. biancotti,