. thank you. 1 www. forbes. com / sites / bernardmarr / 2018 / 05 / 21 / how - much - data - do - we - create - every - day - the - mind - blowing - stats - everyone - should - read / # 3452202160ba ; generated - each - day - cf4bddf29f / www. weforum. org / agenda / 2019 / 04 / how - much - data - is - 2 dama - dmbok to the data management body of knowledge, 2nd ed. dama international, 2017 3 principles for effective risk data aggregation and risk reporting. bank of international settlements. january 2013. www. bis. org / publ / bcbs239. pdf 2 / 2 bis central bankers'speeches

( including micro, small - and medium - size enterprises ). these extraordinary measures led to ease domestic financial conditions and have aided to the economic recovery. a second lesson is that in an environment of high uncertainty, like the one associated with the shocks derived from the covid - 19 pandemic, a solid macroeconomic framework, including a prudent and data - based monetary policy approach, and the development of deep and liquid financial markets, are essential. in an uncertain environment, it is vital that central banks continue to ensure that monetary policy decisions contribute to orderly adjustments of relative prices and financial markets 1 / 3 bis central bankers'speeches ( mainly, fx markets and the yield curve ), supporting the recovery of economic activity. a prudent and data - dependent approach, mindful of policy tradeoffs, has been needed. this has allowed for a correction in the fx and for easing financial conditions, as the yield has observed an orderly downward adjustment with lower risk premia ( including inflationary risk premia ). in this context, a key challenge for policy makers, particularly central banks, has been to respond to the crisis in a timely and decisive manner, but without affecting the resilience of both the economy and financial markets. excessive countercyclical monetary policy could lead to increases in risk premia, higher long - term interest rates, and tighter financial conditions, the opposite to the original intention. a third lesson is that well - anchored inflation expectations and credibility in the central bank increases monetary policy ’ s room for maneuver. in contrast to the monetary policy response to previous crisis, such as the financial crisis during the 1990s when most central banks of emes implemented interest rate hikes to prevent exchange rate depreciations, this time monetary authorities were able to reduce their reference rates immediately. this reflects the higher degree of credibility maintained by central banks and how inflation expectations have also remained well - anchored. a fourth lesson is that given the unprecedented crisis, previously estimated economic models and coefficients are not allowing us to accurately forecast the economy and inflation, we have had to be cautious and flexible in our policy responses. for example, we must learn from the fact that we have missed the mark on some aspects of the economy and on inflation dynamics. the latter have been affected by sudden changes in consumption patterns, disruptions on the supply side, adjustments in the labor market, and non - linear effects on prices from exchange rate fluctuations. moreover, it has been extremely difficult to identify the effects of