datasets could be used. in germany, dois are assigned by the registration agency for social science and economic data ( da | ra ). see https : / / www. da - ra. de / geta - doi see european commission ( 2022 ). the workshop concluded to support follow - up work on developing an international microdata standard, to investigate what is feasible, including how undertakings by member countries could be established and enforced. page 11 of 18 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel. : + 49 ( 0 ) 69 9566 33511, fax : + 49 ( 0 ) 69 709097 9000 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. new dgi. 34 in 2022, these institutions were asked to fine - tune the workplan. 35 hence, all the necessary ingredients are in place to start work on a global microdata standard. 36 step 3 : how to close data gaps? even under the most optimistic scenario in terms of enhancing the usability of existing data, gaps will remain. international investors are increasingly calling for improved reporting by companies not only on climate, but also on social and governance ( esg ) issues. in 2021, the ifrs foundation trustees thus announced the creation of a new standard - setting board – the international sustainability standards board ( issb ) – to help meet this demand. 37 closing data gaps sufficiently fast requires costs and benefits to be well - balanced and practical approaches to be taken. new reporting requirements require strong justifications and well - justified data needs. the eu proposal for a corporate sustainability reporting directive ( csrd ) is a good example in this regard. 38 under the new eu taxonomy and through the efforts of the issb, firms will disclose new and relevant data. overall, it is important to improve the cost - benefit balance of this reporting. the g7 under this year ’ s german presidency thus called for international organisations to take concrete steps to improve accessibility of sustainability data. at the same time, esg criteria and taxonomies are not without criticism. a recent issue of the economist argues that esg standards are flawed for many reasons – for being too imprecise, for not having clear objectives, and for addressing too many different aspects of firms ’ behaviour. 39 many of these points are quite

##se 14, 60431 frankfurt am main, germany, tel. : + 49 ( 0 ) 69 9566 33511, fax : + 49 ( 0 ) 69 709097 9000 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. 1. 3 measuring time the measurement of time is another example illustrating the interaction between the private and the public sector. with today ’ s digital tools, measuring time has become so instantaneous that we almost do not pay attention to it anymore. as we disembark from planes in remote parts of the world, our electronic devices automatically switch to the new time zone. in earlier eras of globalisation, measuring the exact time was an almost insurmountable challenge. on the high sea, the most important piece of information is knowing your exact position. this is defined by latitude and longitude. latitude is easily determined by the sun and the stars, with the help of a sextant. longitude is much harder to measure. the exact time at a location with a known longitude, such as greenwich, is needed to infer the longitude of your own position. without a standardised and exact time, navigators could not afford to take the shortest route, they had to sail along known coasts. this inefficiency was addressed through a combination of public - sector incentives and private - sector innovation. governments of sea - faring nations offered prizes for a workable solution. in 1717, the british parliament offered a reward of up to £20, 000 ( about £3, 350, 000 in today ’ s prices ) for a seagoing clock that was sufficiently accurate to measure longitude. john harrison, a british carpenter and clockmaker, solved the problem and revolutionised navigation and international trade. 12 in this example, improved measurement was driven by structural change and then itself became a major driver of economic development. it also generated rents : clockmaking was a highly lucrative business at the time when international travel took off. implications for climate statistics the above examples show that an active public sector is needed to support and develop measurement systems. measurement systems help to solve coordination problems, but they themselves require coordination. standardised systems of measurement such as the metric system have huge benefits. they save us from discussing how to express the length of screws or the voltage of power lines. nevertheless, there is no market mechanism that could lead see history of longitude - wikipedia. page 6 of 18 deutsche