jean - claude trichet : press briefing on the “ ecb financial stability review ” opening remarks by mr jean - claude trichet, president of the european central bank, frankfurt am main, 15 december 2004. * * * ladies and gentlemen, welcome to this special press briefing on the publication of the ecb ’ s financial stability review 2004. let me start by saying that in publishing this financial stability review the european central bank ( ecb ) is joining a growing number of central banks around the world that are addressing their financial stability mandates in part through the periodic issuing of a public report. under article 105 ( 5 ), the treaty establishing the european union assigned to the eurosystem the task of contributing “ to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system ”. in this vein, the purpose of publishing this review, which represents the common view of the governing council of the ecb, is to promote awareness in the financial industry and among the public at large of issues that are relevant for preserving and enhancing the stability of the euro area financial system. by providing an overview of sources of risk and vulnerability to financial stability, the review also seeks to help preventing financial tensions. central banks have a strong and natural interest in the safeguarding of financial stability. this is in particular because financial institutions, notably banks, are issuers of by far the largest component of the money stock. it is equally because a stable financial system is needed for an effective transmission of monetary policy and for the smooth operation of payment systems. a robust financial system is therefore needed to ensure that the single monetary policy can deliver on the primary objective of maintaining price stability in the euro area. finally, but not least, the health of the financial system is inextricably intertwined with the performance of the economy and its resilience to shocks. these are the reasons why the ecb and the eurosystem have an important stake in financial stability in the euro area. complex to define, financial stability is not only of the essence in avoiding financial crises but also in paving the way for the best financial environment in normal times. it is a condition where the financial system is capable of performing well in normal times all of its normal tasks and where it is expected to do so for the foreseeable future. from this viewpoint, financial system stability requires that the principal components of the system - ie financial institutions, markets and infrastructures - are

mario draghi : eighth ecb statistics conference welcome address by mr mario draghi, president of the european central bank, at the eighth ecb statistics conference “ central bank statistics : moving beyond the aggregates ”, frankfurt am main, 6 july 2016. * * * ladies and gentlemen, on behalf of the executive board of the european central bank ( ecb ), allow me to warmly welcome you to the eighth ecb statistics conference. these biennial conferences are by now a well - established tradition and always give new and valuable impetus to our work in the field of statistics. the title of today ’ s conference is “ central bank statistics : moving beyond the aggregates ”. disaggregated data are indeed necessary to identify and analyse the heterogeneity that characterises the real world. for central banks this is particularly important : to implement policy in the most effective way, we need to know how our policy actions affect all sectors of the economy. both the challenges posed by the current economic climate for monetary and macroprudential policy, and the information required to carry out microprudential supervision by the single supervisory mechanism ( ssm ) increase our need for granular data. but this need for a greater level of disaggregation of data comes with its own challenges. the first one is to ensure that data are collected in a way that permits multiple uses. this requires greater harmonisation, and an ability to share data between institutions in a way that still respects confidentiality. the second challenge is to engage with the financial sector to ensure that the increase in data collection does not become burdensome. why the need for granular data? improving the collection of disaggregated data will support the ecb ’ s main policy functions in several ways. on the monetary policy side, greater understanding of the functioning of money markets and of the impact of the monetary transmission mechanism on individual sub - sectors of the economy helps to underpin our analysis of unconventional monetary policy tools and to effectively target future measures. indeed, this week saw the official go - live of the reporting of data on up to 35, 000 daily transactions in the money market, complete with information on quantities, prices and counterparties. this is a very rich information set, crucial for our liquidity management and for understanding the first step of the monetary transmission mechanism. collecting more granular data also helps us to better understand the transmission process through the economy more broadly. we need more information on the link