speech maximising the user value of statistics : lessons from globalisation and the pandemic speech by philip r. lane, member of the executive board of the ecb, at the european statistical forum ( virtual ) 26 april 2021 economic and financial statistics play a central role in guiding monetary policy decisions : central banks constitute an important user group for the output of statistical agencies, while also helping to collect the data underpinning many macro - financial statistical series. events such as the european statistical forum provide a welcome opportunity to bring together the producers and users of statistics. in my remarks today, i will discuss two main topics : the first topic is the globalisation - related measurement challenges for macroeconomic statistics, with a focus on external and national accounts ; the second topic is the data needs exposed by the pandemic crisis. [ 1 ], [ 2 ] i will highlight some of the ongoing initiatives to address these measurement challenges, and outline some ideas to enhance further the quality of official statistics. measurement challenges related to globalisation the cross - border integration of production – through both the activities of multinational enterprises ( mnes ) and the complex production chains that connect firms specialising in different stages of production – has been an important engine of the globalisation of trade, finance and technology. [ 3 ] mnes typically have complex organisational structures made up of interlinked legal entities, including special purpose entities ( spes ). transactions by mnes, which are often made intra - group, are sufficiently large to pose challenges to the interpretation of balance of payments and national accounts statistics. while this is most visible for financial centres and very open small economies where global firms are large relative to the size of the domestic economy, these factors are also increasingly relevant for understanding the macroeconomic statistics of the euro area and other large economies. complex cross - border production and ownership arrangements, such as contract manufacturing and merchanting, affect the measurement of the balance of payments and the national accounts through the booking of exports of goods that are neither produced domestically nor cross the border of the domestic economy. moreover, transfer pricing – the pricing of the various transactions involved in intragroup crossborder production arrangements – substantially affects the amount and location of profits booked. over time, the location of corporate structures has become increasingly mobile. this has been partly driven by fiscal and regulatory arbitrage incentives that motivate the re - domiciliation of headquarters and the geographical optimisation of the legal registration of intangible assets such as patents

##ing redemptions in a stress scenario. going beyond the esrb recommendation, i would argue in favour of complementing the powers that are currently envisaged for authorities with ex ante tools targeting liquidity risks at system level. existing liquidity management tools may mitigate liquidity risk ex post, but they might not suffice to prevent the build - up of vulnerabilities in exuberant times ex ante. the toolkit available to macroprudential authorities should therefore include additional ex ante requirements such as minimum liquidity buffers and redemption notice periods. 12 mandatory liquidity buffers require funds to hold sufficient high - quality liquid assets for the fund to be able to meet redemptions and margin calls under many foreseeable scenarios. the introduction of minimum notice periods would help align a fund ’ s liability structure with the liquidity - and riskprofile on the asset side. overall, such tools could be used to raise the sector ’ s resilience to potential investor runs or spikes in margin calls. setting these requirements would greatly limit the sector ’ s ability to build - up liquidity risk in exuberant times. finally, given the cross - border nature of the investment fund sector, we need to strengthen the european perspective in the supervision of investment funds while also ensuring a globally consistent approach to monitoring. arguably, the investment fund industry in the eu is highly concentrated in a few jurisdictions, but – due to the diverse asset holdings and investor locations – the impact of adverse developments in this sector may be felt across the eu. hence, i call for further investigation of the case for bringing investment fund supervision and the potential activation of macroprudential tools to the european level. 13 in a related debate, the fsb announced recently that it will no longer use the term “ shadow banking ” in its future communications to avoid the pejorative connotations. hedge funds and other asset managers will instead fall under a broader group of non - bank financial intermediaries. 5 / 7 bis central bankers'speeches we very much welcome the change in terminology, as it supports a closer focus on emerging vulnerabilities in the asset management sector, regardless of whether these are considered to be bank - like or not. concluding remarks we have come a long way since the financial crisis. we have implemented a range of regulatory reforms that have addressed many issues that the crisis brought to light both in the bank and non - bank financial sectors. nevertheless, the ever evolving