persons, find themselves, with no fault of their own, in a property or life threatening situation. the compensation right of these persons is and must remain inviolable, which is why this aspect will remain to be intensely present in our on - site supervisions. off - site insurance supervision of the national bank of serbia is a high - quality innovation which surely marked this year. our goal was to find some specific aspects of business of insurance undertakings, which are not of particular interest in standard supervision, but are nonetheless very important for citizens. in that way, we tried to provide better protection to, for instance, students of primary and secondary schools, hotel guests, citizens paying for public utilities, public transport commuters and other persons that are or can be in the role of the insured. through such supervision, we first learned about the business of the insurance undertakings selected as representative in those segments, after which we established the standards of good business practices, which we then recommended to the entire market with the aim of improving it. i particularly wish to emphasise that insurance undertakings have recognised this intention of ours, to which they not only responded appropriately, but even chose to voluntarily take part in the proliferation and promotion of such practices. in this way, we managed to together create better work conditions for all market participants, which should in the first place be working based on uniform principles, and to which their supervisor should apply the same standards and criteria. we are very pleased with the achieved results. some poor practices have been entirely done away with, others have been improved, while some brand new, good and desirable practices are becoming the standard for doing business. off - site insurance supervision has thus greatly stepped out of the mould of a passive collector of various reports and data, bringing the scope of its activity to the level the modern insurance market requires and deserves. perspectives of insurance supervision are inextricably bound to serbia ’ s path towards europe. the national bank of serbia particularly supports the commitment of the serbian government to european integration and acts as an active participant in this process, through negotiations, mainly in the area of financial services, but also through a wide array of other activities aimed at harmonising regulations and creating an economic environment that is more favourable and secure for both companies and citizens. it is already well known that the regulatory objective of the serbian insurance sector and its supervision is the solvency ii regulatory framework. countries in the european union already started implementing it last year, whereas we

claudia buch : data sharing for better policy making introductory statement by prof claudia buch, vice - president of the deutsche bundesbank, at the g20 dgi - 2 workshop on data sharing, virtual event, 24 march 2021. * * * dear ladies and gentlemen, let me, on behalf of the deutsche bundesbank, welcome you very much to this workshop on the g20 data sharing initiative. a very challenging year lies behind all of us. the covid - 19 pandemic has been one of the most severe and devastating shocks to the global economy in decades. global output contracted by about 3. 4 % in 2020, according to oecd estimates. output losses were even higher in germany ( - 5 % ) and the euro area ( - 7 % ). obviously, the pandemic has had severe implications which go far beyond the observable macroeconomic impacts. covid - related health effects and deaths pose a considerable burden on our societies and imply severe suffering. many firms, small and large, are feeling the impact of the lockdown measures and are struggling to keep operations going. given these huge economic and social costs, it is almost impossible to take an optimistic perspective on what the pandemic has done to our societies. if anything, it has shown to all of us that health and economic risks cannot be addressed in isolation. our economies are so closely interwoven that cooperation and coordination of policy responses are essential. hence, we need to find solutions to global problems together. sharing data and information is a core element of these common solutions. detailed health - related information is available globally, the development of vaccines has been promoted through sharing of relevant information, and many analytical projects use detailed granular data to assess the economic impacts of the pandemic. so what does all of this imply for us as central banks and providers of statistical information? let me answer this question through the lens of financial stability. the corona pandemic clearly demonstrated the importance of coordinated and timely policy responses. all over the world, governments took health policy measures to contain the disease from spreading. extensive monetary and fiscal policy measures helped avert turmoil in financial markets and a liquidity crisis in the real economy. these policy measures also shielded the financial system from the corona shock. as a result, the financial system has proven robust – not least thanks to the g20 regulatory reforms implemented after the global financial crisis. regulation is more flexible and less procyclical. higher capital buffer