such standards would encourage central banks to reform their procedures and processes in line with international best practices. moreover, accountability and transparency are best enhanced through effective information dissemination. central banks should periodically subject themselves to public scrutiny on their operations and frameworks. another best practice that comes to mind is the example of the reserve bank of new zealand, where every year, an outstanding economist is appointed and mandated to review the monetary policy of the previous year. these are some of my thoughts on strategies for enhancing the effectiveness of monetary policy in achieving economic stability. i sincerely thank you all for your kind attention.

of the monetary analysis with the economic analysis ( e. g. in the context of the euro area accounts ). consistency among various data sets also supports the estimation of structural models that embed monetary and financial frictions within a real economy framework. improving consistency between the concepts underlying the construction of the monetary data and those used by banks when reporting for accounting and regulatory purposes is also desirable. not only should this serve to lessen the burden imposed on reporting agents, but it may also help to avoid confusion in the interpretation of the data that can emerge when superficially similar concepts have quite different economic meanings and relevance. see j. von landesberger ( 2007 ), “ sectoral money demand models for the euro area based on a common set of determinants ”, ecb working paper no. 741. sixth, better primary information on both banks and counterparty sectors is needed. the ecb has taken a number of important initiatives in this regard. • the eurosystem bank lending survey is now a well - established source of information on financing conditions, which complements and enhances the regular analysis of loan and credit flows. consideration is currently being given to surveys of the corporate and household sectors that would provide a new source of information on financial developments, the cost and availability of credit and portfolio behaviour. • obtaining new primary data on the balance sheets of financial institutions other than banks would be particularly welcome. one feature of the monetary data in recent years has been the rising share of non - monetary financial institutions in money holdings, which would be better understood on the basis of a more comprehensive analysis of the balance sheets of such institutions. • more generally, developing more comprehensive balance sheet statistics and, in particular, measures of sectoral wealth are important. such data can support the refinement of money demand models. indeed, to make progress with our agenda for enhancing the monetary analysis, statistical work is urgently required to improve the available sectoral wealth data, in particular by providing longer time series that will money holding to be modelled as part of a wider portfolio decision. seventh, it is important that the statistical framework for the monetary data maintains a high degree of clarity and stability in its definition of concepts, so that central bank staff and policy makers can be precise in their analysis and assessment. unless we can develop a thorough understanding of the meaning of the data, interpretation will prove impossible. eighth, sufficient flexibility is required to encompass the new instruments and behaviour implied by financial innovation. if necessary, statistics must