with market innovations also come risks. central banks should therefore promote the global adoption of a revised classification of economic activities that takes greater account of financial technology service providers, supporting the ifc's recommendation to revise isic at the un level. when new entrants fall outside the perimeter of regulation, it can be difficult to assess risks, including threats to resilience and financial stability. the advances in regulation can be leveraged for statistical purposes and should allow us to move forward in measuring the services offered by these non - bank or unregulated financial intermediaries. as regulation moves into focus into these areas we should develop, for instance, financial inclusion indicators based on the digital financial services offered by fintech companies. cryptoassets and digital currencies are another area where regulation can be leveraged for statistical purposes. international collaboration, data sharing, and the role of the ifc i would like to end my remarks with a call for even closer cooperation. to meet the future challenges of central bank statistics, we will need to continue fostering international cooperation, towards the harmonization of standards and the exchange of learning experiences. articulating fruitful discussions and engaging the membership of the central bank community will remain essential to achieve these goals. improved collaboration between the different bodies ( oecd ; imf ; eurostat, cemla ) is an important ingredient as well. member experiences in overcoming legal constraints to enable data exchange within and between countries will be particularly useful. official statistics provide the required information and data for credible policy making by central banks and other public institutions. moreover, official statistics are also the fundamental basis for trust by the public on the state of economic reality. fostering this public trust in an age of everincreasing complexity and diversity of data sources, and why not, fake news, remains critical. the basic duties of agreed, standardized methods and criteria, comparable across time and space, is the backbone of our profession. it will be an honor and a challenge to contribute to achieving these ambitions during my tenure as ifc chairman.

remarks on the post - pandemic landscape for central bank statistics 11th ifc biennial conference pablo garcia silva, deputy governor, central bank of chile august 25th 2022 i want to thank the organizers for the opportunity to participate in this distinguished panel, providing some remarks on the challenges we face as central banks and as providers of statistics, particularly in the environment we live today, as the pandemic recedes. central banks are keenly aware of the need to provide timely, accurate, and in - depth understandings of the changing economy. this not only to inform correctly policy making, but also to satisfy the shifting demands of society regarding the environment we live in. this inevitably implies trade - offs. operative and budgetary constraints mean that a careful balance of timeliness, accuracy, and depth needs to be achieved. the ever - expanding complexity of economic relationships, and the speed at which policies have had to adapt to very large shocks, imply in my view that compared to a not so distant past timeliness is today at a premium. the times of change we live in require us to react promptly. this, however, carries the cost that both the accuracy and the depth of data will be inversely related to its timeliness. this brings about the implication that both policy making needs to consider the implicit uncertainty of the environment, and also that statistics providers need to be candid about those uncertainties when communicating with the public. central banks have found that venturing into the digital transformation with an increasing use of big data, a process that was accelerated because of the sanitary crisis, helps ease somewhat these trade - offs. many central banks have broadened the analysis using less traditional sources derived from the so - called " open " data available on the internet. they started to apply big data techniques, such as web scraping, machine learning or text analysis, for collecting and transforming data on prices, job vacancies or retail sales, among others. as a result, it became possible to release new indicators with higher frequency and timeliness. this has contributed to a better understanding of economic phenomena, providing up to date empirical support to the implementation of monetary policy and financial stability mandates. new sources of information in our case, at the central bank of chile we have embarked in several efforts to expand and improve the data available. for the first time, starting in june, we released regional gross domestic product and household consumption on a quarterly basis, with a lag of a few months. this advance enhances data robust