requires micro data – at the level of the household and / or individual – since this allows for a more precise measurement of the impact of monetary policy on the real economy. although we are still in the process of analyzing the results of only the second wave of this survey, we can see that we have the raw material that can help us answer a number of questions. how does wealth feed into consumption behavior? does the effect of wealth on consumption differ across households, depending on their age, whether they are homeowners or not, whether they have debt? as we move forward and complete further waves of this survey, we shall be able to infer some information on the dynamics of micro - data, and relate them to macroeconomic variables. thus, it is possible to investigate the differential effects of asset price changes, consequent on a monetary policy decision, on individual euro area bis central bankers ’ speeches households. thus rises in equity prices raise inequality, rises in house prices reduce it and the impact of changing bond prices is largely neutral. the richness and diversity of economic structures across the eurozone has added complications, but also provided food for thought. an important outcome of conducting this survey simultaneously for the whole of the eurozone was that it forced us to align the operational definitions of micro variables across many countries, an exercise that will help us in the future when we collect other micro - data. it has also provided very concrete examples of how differences in economic structures have wider implications, like the impact of homeownership or population ageing on consumer and saving decisions. while continuing the household finance and consumption survey ( hfcs ), we should integrate its results with the rest of macroeconomic data. an often unacknowledged secret is that in most macroeconomic accounts the household sector is treated as a residual for lack of comprehensive information. the hfcs should help us fill this gap and get a better grasp on financial relationships in the economy. another example of a micro dataset collected by the escb through the wage dynamics network was a survey of firms in each country to determine their wage and pricing policies and their responses to shocks to demand. the first wave of data was collected before the crisis and sought to investigate wage and laborcost dynamics and their relevance for monetary policy. these dynamics have implications for how firms and ultimately the real economy in general respond to economic shocks. thus, firms were asked how often they change wages, how they judge by how much wages should change,

, with spill - overs affecting even markets for traditionally safe and liquid government bonds. orderly market conditions were only re - established after massive central bank intervention. 2 / 5 bis central bankers'speeches these issues have been thoroughly analysed by the financial stability board ( fsb ). in a ‘ holistic review ’ published in november 2020, the fsb identified certain weaknesses of the non - bank sector that needed to be addressed. the fsb has laid out a work plan to strengthen regulatory safeguards, with the aim of limiting the need for central bank intervention and avoiding moral hazard. under the italian presidency, the g20, based on the fsb work, endorsed a package that provides jurisdictions with a framework for assessing and addressing vulnerabilities in their mmf sector, and with an agreed menu of policy tools. some reforms are already being envisaged in the main jurisdictions, such as the eu and the us. global reviews will be conducted jointly by the fsb and iosco by end - 2026, with the aim of assessing the appropriateness of the measures adopted by all jurisdictions and evaluating the need for further action at the global level. ideally, we would have liked to see the g20 to take an even bolder step and adopt from the start a set of global mandatory standards for mmfs, thus further enhancing the resilience of the sector and limiting the room for market fragmentation and regulatory arbitrage. we recognised, however, that jurisdictions were not yet prepared to go all the way to global standards. in our capacity as the g20 presidency, we worked hard to ensure that a first, important agreement was reached. we also ensured that there was a commitment to reconsider the matter over time, on the basis of the results achieved. looking ahead, work on nbfi will continue in a number of directions. better data and analyses are needed to improve our understanding of nbfi vulnerabilities and of appropriate policy tools. the fsb is committed to examine suitable policy approaches to address vulnerabilities in openended funds, margining practices and short - term funding markets. it will be incumbent on the current and future g20 presidencies to steer this work. the second area, as i said earlier, concerns the role of financial markets in catalysing the flow of funds needed to enable the climate transition. the good news is that the interest of private capital for sustainable investment is growing at a fast pace. the less good news