are already promising results – for instance to analyse labour market conditions, gauge economic sentiment, predict consumer behaviour, improve the offering of official statistics or detect anomalies and improve data quality. in particular, we are clearly at a turning point with the emergence of large language models ( llms ) and generative ai. these new techniques can clearly revolutionise the way we work with data, by expanding beyond traditional statistical series, developing new types of indicators and extracting fresh insights. but, clearly, we need to understand better how the new models being developed can complement, or perhaps replace, our existing toolkits. we are very lucky to have present with us today, fabrizio ruggeri, president - elect of the international statistical institute, who has accepted to present his views on these issues. third, the amount and type of data mentioned above, encourage us to establish strong data governance frameworks. these are needed to manage the growing and increasingly complex pool of information available. central banks are actively engaged with other public and private entities to make progress on this front. the objectives are to be able to meet growing information demands while ensuring strong data quality. this calls in particular for developing robust data standards that can serve as a common language for exchanging information, ensuring that 2 / 3 bis - central bankers'speeches data are only collected once, and providing transparent information about the data themselves – that is, data about the data, or metadata. fourth, the combination of stronger governance frameworks and sophisticated techniques can help us to benefit from the wealth of granular data available in today's society. these data offer multitude of opportunities, providing central banks with insights that were previously inaccessible through aggregate indicators. however, working with micro - level information presents important challenges especially to protect privacy and confidentiality – which are fundamental concerns for official statisticians and public institutions. i am happy to note that a specific session devoted to these issues has been organised during this conference that also includes a presentation on statistical disclosure control by inexda, the international network for exchanging experience on statistical handling of granular data. indeed, and this is my fifth point, these initiatives should not be taken in isolation as they require close international collaboration. we are very fortunate to have at our disposal international statistical manuals like the system of national accounts ( sna ) or the balance of payments manual ( bpm ). they provide a common language to discuss and analyse economic and social phenomena. but they need to be constantly refined

##mediaries. a number of recurrent failures to comply fully with the rules were found : insufficient checking of customers, incomplete record - keeping, inadequate assessment of anomalous transactions, poor staff training, and methods of control lacking in incisiveness. sanctions, reprimands and numerous reports to the law enforcement authorities show that the banks underestimate the need for full compliance with the rules, for strict performance of their obligations. a change of attitude is necessary. corporate bodies and officers must take responsibility for the proper functioning of the anti - money - laundering systems. the control bodies have specific duties for which they can be called to account, including in the course of inspections. this anti - money - laundering strategy is beginning to produce effects. the number of reports of suspicious transactions that intermediaries transmitted to the fiu increased by 16 per cent to around 14, 600 in 2008, and in the first four months of 2009 there was a further sharp rise of about 50 per cent compared with the same period of the previous year. customer protection the crisis has accentuated the need for continuing action to raise the standards of correctness and transparency in relations with the public, to resolve disputes between banks and customers quickly and to promote the informed use of financial instruments by savers and investors. the stability of the financial system hinges on customer confidence. the bank of italy ’ s new rules on the transparency of banking and financial services represent a thorough overhaul with respect to the past. customers must be provided with information that is easy to understand and effectively useful for determining whether the transactions proposed are in their interest and for assessing the correctness of the person making the proposal. the rules require intermediaries to institute internal procedures that guarantee correct conduct. the comments received in the course of the public consultation that was completed in may confirmed the validity of the reform, which will be issued this month. as a complement to the civil justice system, a banking and financial arbitrator has been created to give customers an economical and rapid means of obtaining impartial rulings in disputes over banking and financial services. three boards will be instituted, one for the north of italy, one for the centre and one for the south. bank customers will also be able to appeal to the boards through the branches of the bank of italy, which will provide the facilities and technical support for the arbitrator. i raised the question of the fee charged on a customer ’ s maximum overdraft at the beginning of 2007, calling on the