and the nsis. however, this does not imply that for many years to come each and every statistic should be compiled by the relevant authorities in each and every country. instead, it is perhaps time to draw conclusions from the fact that the collection of statistics, particularly the increasingly automated retrieval of statistical data from the ledgers of larger corporations, is typically characterised by significant economies of scale. similarly, significant efficiency gains would be reaped if sample sizes for statistics, particularly the very timely, high frequency statistics, are attuned to european needs. it goes without saying that countries that still want to spend additional resources to maintain nationally representative samples will be free to do so. statistical implications of financial stability and financial integration although this conference has devoted a single session to the statistical requirements for financial stability and financial integration analysis, these requirements are not easily aligned at first sight. in fact, financial stability analysis puts new demands on data availability, if only because it requires consolidated data and strengthens the case for making available a whole range of micro - data. at the same time, however, macro - statistics are typically much more reliable than micro - data, particularly those in the tail of the distribution, if only because significant misreporting by an “ average ” firm almost invariably means that it ends up in the tail. in any case, this analysis would be served by the setting - up of reliable and flexible pan - european micro databases. in fact, the ecb, in close cooperation with the ncbs, embarked on such an ambitious project several years ago, when it designed the centralised securities database ( csdb ) to contain an accurate representation of individual securities issued, or potentially held, by euro area residents. another requirement for financial stability analysis is related to the increasing tendency to transfer risks among institutions and among countries. this also points to important remaining gaps in our current euro area statistics, particularly concerning insurance corporations and pension funds, the collateralisation of lending business, investment funds ( which include hedge funds ), and special purpose entities ( which include securitisation vehicles ). concerning statistical indicators of financial integration, i have already alluded to the ecb ’ s contribution and i look forward to the release of an enlarged set of indicators this autumn. in addition, the contribution of the ecb to the short - term paper ( step ) market in europe could be mentioned, in particular through the regular publication of statistics on volumes and prices. global statistical governance i have given some examples of trends

these three lines of defence. enhancing national ownership of structural reform efforts, for example, could help make our economies more agile. a true capital markets union, leveraging the benefits of fintech innovation, would significantly boost the capacity of our financial markets to diversify and reduce risk, while the ecb has often argued that a european deposit insurance scheme is a precondition for a truly integrated banking system and safe money. and the single market still has a lot of untapped potential, in particular in the field of services. these should be priorities. more credible fiscal rules and greater market discipline would strengthen the second line of defence. a nimbler european stability mechanism, meanwhile, together with steps towards an area - wide stabilisation budget, could effectively complement the euro area ’ s institutional architecture. reforms along these lines are needed to help us create a more stable and safer currency union. a stable, resilient and more integrated euro area is in everybody ’ s interest, including, and maybe especially so, germany ’ s. that is why germany for decades joined forces with its european partners to strengthen the european union, including by establishing a monetary union. it is reassuring to see that the coalition agreement gives strong support to the european project. indeed, governments and parliaments of member states, together with the european parliament, must be the driving force in this process. this is particularly important at a time when the multilateral order based on cooperation is being challenged, at a time when one of germany ’ s long - standing partners, the united kingdom, is about to leave the european union, and at a time when anti - european forces, elected and unelected, in other parts of the union are calling into question not just the eu ’ s four freedoms but also the values of an open, free and democratic society. in this environment, germany, as one of the founding members of the union, has a responsibility to promote and nurture a reform debate that is constructive and that will help to bridge differences of opinion. a strong franco - german commitment is a necessary condition for moving forward, but all member states have to be on board. it means that we should move beyond the north - south divide which has too often shaped past discussions on emu. economic fragmentation is receding on our continent, thanks to a broad cyclical recovery, the ecb ’ s actions and the bold reforms initiated in several countries. we should be careful not to allow 2 / 3 bis central bankers '