of banking union banks : 2021. july 2022. statistisches bundesamt ( 2022 ). facts on gas supply : natural gas is major energy source for industry and households. press release of 07 / 21 / 2022. wiesbaden. umweltbundesamt ( 2022 ). primarenergieverbrauch. https : / / www. umweltbundesamt. de / daten / energie / primaerenergieverbrauch # definitionund - einflussfaktoren [ https : / / www. umweltbundesamt. de / daten / energie / primaerenergieverbrauch # definitionund - einflussfaktoren ] ( accessed on 10 / 25 / 2022 ). 6 figures figure 1 : corporate insolvencies in germany figure 2 : growth - at - risk for germany figure 3 : public and private sector debt figure 4 : credit - to - gdp gap in selected advanced economies figure 5 : gross domestic product and corporate insolvencies figure 6 : policy fields and level of responsibility in the eu figure 7 : financial integration in advanced and emerging economies figure 8 : institutional set - up of macroprudential supervision in europe figure 9 : rates of the countercyclical capital buffer in europe figure 10 : capital buffers for systemically important financial institutions ( in % of gdp ) footnotes : 1. my heartfelt thanks go to fabian bichlmeier, manuel buchholz, andre ebner, marcel heires, valerie herzberg, katharina knoll, philipp marek and benjamin weigert for their valuable contributions and comments on an earlier version of this text. any remaining errors and inaccuracies are entirely my own. 2. for details, see https : / / www. nobelprize. org / prizes / economic - sciences / 2022 / [ https : / / www. nobelprize. org / prizes / economic - sciences / 2022 / ]. 3. these numbers are based on the energy price component of the harmonized index for consumer prices ( hicp ( harmonised index of consumer prices ) ) as reported in the ecb ( european central bank ) statistical data warehouse. 4. this number is based on the following data https : / / www. bundesbank. de / dynamic / action / de / statistiken / zeitreih

. the evaluation investigated the effects of the too - big - to - fail ( tbtf ) reforms on systemic risk associated with globally and national systemically important banks ( financial stability board 2020 ). overall, the evaluation indicates that effective tbtf reforms bring net benefits to society, and that indicators of systemic risk and moral hazard have moved in the right direction. nevertheless, there are still gaps that need to be addressed. for instance, there are gaps in the information available to public authorities, to the fsb and standard - setters, which reduces their ability to monitor and evaluate risks arising from systemically important financial institutions. this includes, for example, information on who owns tlac issued by g - sibs, which is needed to assess the potential impact of a bail - in on the financial system and the economy. in addition, the application of the reforms to domestic systemically important banks warrants further monitoring. d - sibs are, by definition, economically important. many of them operate in foreign countries and are highly interconnected. threats to their resilience may, therefore, affect financial stability in more than one country. however, compared to g - sibs, relatively little is published by national authorities and at the international level about the characteristics or the regulation of d - sibs. more information and analysis, potentially drawing on the analytical tools developed in tbtf evaluation, could be used to compare prudential measures for these institutions and explore how the reforms have been applied to them. 4 towards an international standard for data sharing in all of these areas, analytical work and policymaking would benefit from further promoting international data sharing. and many other examples could be listed. information on climaterelated risks and exposure is another important area for international cooperation in terms of data collection and data sharing. the second phase of the g20 data gaps initiative has intensified these efforts. 3 on the international level, for example, data on global systemically important banks ( g - sibs ) are provided to the international data hub ( idh ) hosted by the bis. this hub ensures the regular data collection and sharing of these data between its member institutions. at the european level, the ibach project is another example for the sharing of microdata concerning non - financial corporations. the corresponding dataset contains balance sheet and profit and loss data of firms collected by the european committee of central balance sheet data offices ( eccbso ) through its working group on bank for the accounts of companies harmonized (