blurs the boundaries between monetary and fiscal policy and might end in the independence of the central bank being called into question. redistributing risk in this manner ought to be the sole prerogative of elected parliaments. and it naturally also weakens the no bail - out principle and lowers the pressure to reform. the members of the ecb governing council do, however, agree that monetary policy cannot resolve the crisis. only by implementing the aforementioned structural reforms in the member states and by making adjustments to the framework of monetary union will we succeed in overcoming the crisis in a lasting fashion and safeguarding the euro ’ s future as a stable currency. conclusion ladies and gentlemen until the crisis erupted, practically no - one disputed that the european union ’ s evolution into a monetary union had brought benefits for all member states. yet the crisis in the euro area has placed an immense strain on the foundations of the monetary union, and many of the crisis management measures have skewed the equilibrium bis central bankers ’ speeches between liability and control. and we should take care that the entire package of crisis management measures in combination does not effectively create a new institutional framework which poses greater problems going forward. hence, a key challenge for economic policy will be to fill the no bail - out principle with renewed vigour, both in the financial system and throughout the monetary union as a whole. transforming the bank rescue packages already granted by the efsf or esm into esm direct bank recapitalisation instruments – something which ireland and greece are looking to achieve – is not helpful in this connection. and it is key to uphold and defend the role played by central banks as independent institutions with a clear focus on safeguarding price stability. thank you. bis central bankers ’ speeches

bach ). new analytical techniques can help to find the right balance between data accessibility and safeguarding data privacy. as this workshop will illustrate, a lot of work has been done in statistics and other areas on anonymization, access regimes, feasibility and limits of linkages, and techniques for sharing micro data. international standards are making significant contributions to developing international official statistics. in macroeconomic statistics, the imf special data disseminations standard sdds and sdds plus are good examples. these standards are promoted by international organizations, signed by countries and their implementation is monitored by the imf. 3 / 4 bis central bankers'speeches following these examples in macro statistics, developing an international micro data standard could be of help in promoting international data sharing. 4 such a standard should cover : general principles on transparency of available datasets and confidentiality rules, which can be adapted to the different legal frameworks across countries enablers on technical aspects such as metadata standards, secure multiparty computing techniques, data anonymization, and organisational provisions such as responsibility for the data rules applying for different user groups such as statisticians, external researchers, or internal analysts covid - 19 provided a clear example of how the way forward would benefit from strengthened and streamlined international and interdisciplinary co - operation. data from different domains must be analysed together to gain an understanding of new phenomena and make sound policy decisions. in this sense, i wish you fruitful and stimulating discussions, and i am looking forward to seeing these results. 5 references bender, stefan, christian hirsch, robert kirchner, olympia bover, manuel ortega, giovanni d ’ alessio, luis teles dias, paulo guimaraes, renaud lacroix, michael lyon and emily witt ( 2018 ). inexda - the granular data network. ifc working paper no 18. basel. biancotti, claudia, robert kirchner, francois mouriaux, alfonso rosolia and giovanni veronese ( 2021 ). covid - 19 and official statistics : a wake - up call? banca d ’ italia occasional paper no 605. rome. buch, claudia m. and linda s. goldberg ( 2020 ). global banking : toward an assessment of benefits and costs. annual review of financial economics 12 ( 1 ) : 141 – 175. european systemic risk board ( 2021 ). financial stability implications of support measures to protect the real economy from the covid