word of welcome by klaas knot, guug - cpmi - iosco hg workshop – de nederlandsche bank, 25 april 2017 welcome to you all here at de nederlandsche bank. welcome to this highly relevant workshop. today you ’ ll be paving the way for an optimal governance model for the unique transaction identifier, the uti. that ’ s quite a challenge. for without an effective and efficient governance we cannot ensure a globally consistent high quality of the data used in the industry. and high - quality data are just what the industry and regulators alike urgently need. since being a member of the financial stability board, i have become increasingly aware of this. for both the public and private partners attending today, i won ’ t need to stress the great benefit that high - quality data will bring. ever since the 2008 crisis, otc derivative counterparties have been facing a rise in the burden, and consequently, cost of mandatory reporting. a trend that is the effect of bad quality data. this trend can be reversed once we have utis in place, along with unique product identifiers, which will be briefly discussed as well today. for then a trade report will be suitable for use by various regulators as well as for micro - and macroprudential analyses. high quality data are independent of jurisdictions. if designed and implemented well, we can finally match transactions between counterparties on either side of the atlantic. supervisors with a microeconomic scope need high - quality granular data. and international regulators want the full picture, based on high - quality aggregated data. evidently, regulators and the industry both need financial data that are comprehensive in scope on the one hand and detailed enough, on the other. detailed enough for assessing and monitoring risks and vulnerabilities on the part of counterparties and on that of the financial system. high - quality granular data fit for aggregations can provide the analytical input policymakers require to make informed decisions. in order to serve this purpose, the data must have the right scope, be easily accessible and meet the highest quality standards. the legal entity identifier project is a case in point. finally, here ’ s a global register for identifying all counterparties active on the otc markets ; a register that can be used by both the industry and all regulators. so, ideally, the governance structure you are building today, should ensure we can continue to have usable and reusable high quality data. and once the

klaas knot : the outlook for inflation and monetary policy in the euro area speech by mr klaas knot, president of the netherlands bank, at the ubs european conference, 9 november 2021. * * * the outlook for euro area inflation has clearly improved over the past few months. after years of low inflation, the headline number has passed 4 % in october, for the first time in thirteen years. euro area inflation came from a lower pre - pandemic level than in the us, so this is a significant change. and in fact, after a prolonged period of deflation risks, the increase in inflationary pressures in the euro area is rather welcome. inflation will stay at current levels at least until the end of this year. my baseline view is that current levels of euro area inflation are largely transitory, and that inflation will fall below 2 % towards the end of next year. but upside risks to this baseline dominate. and we need to prepare for upside scenarios as well. let me elaborate a bit on this. there are three factors relevant for inflation in the future : transitory factors that we know will end at a specific date, transitory factors of uncertain length, and factors that affect inflation durably. an important example of the first type is the temporary reduction of the german vat - rate that ended in january of this year. it will drop from the inflation rate in january next year. this will lower core inflation in the euro area significantly from then onward. another example comes from oil prices, where past increases will filter out of the data after 12 months. oil prices were quite low one year ago and started rising almost continuously from there. this base effect will have a moderating effect on inflation in the months to come as well. this is the easy part. less easy are transitory factors of uncertain length. important in this category are the inflationary pressures from supply chain bottlenecks and future developments in energy prices. they both have a strong but transitory impact on headline inflation. at some point in time, bottlenecks will stabilize or even unwind. and energy prices will stop rising. but these transitory pressures are not necessarily short - lived. in fact, we have come to realize that the inflationary pressures from these sources last longer than initially thought. thirdly, for our assessment of durable inflation, future wage developments are crucial. the average unemployment rate in the euro area is at the same level as before the start of the pande