better market discipline. other government agencies, academics, and additional interested parties would be able to conduct their own analyses of financial system developments and identify possible emerging stresses and risks in financial markets. one area in which better information is particularly important is the web of connections among financial institutions though channels such as interbank lending, securities lending, repurchase agreements, and derivatives contracts. regulators also need more and better data on the links among institutions through third - party sponsors, liquidity providers, creditsupport providers, and market makers. knowledge of such network linkages is a necessary first step to improve analysis of how shocks to institutions and markets can propagate through the financial system. principles for developing a system of effective data and analytical tools moving from the recognition of the need for more data to an efficient data system is not an easy task. data collection entails costs in collection, organization, and utilization for government agencies, reporting market participants, and other interested parties. tradeoffs may need to be faced where, for example, a particular type of information would be very costly to collect and would have only limited benefits. the internet and other applications of information technologies have made us all too aware of the potential for information overload, a circumstance in which relevant information is theoretically available, but the time and expense of retrieving it or transforming it into a usable form make it unhelpful in practical terms. collection of more data just for its own sake also can raise systemic costs associated with moral hazard if investors view data collection from certain firms, products, and markets as suggesting implicit support. it is thus particularly worth emphasizing the importance of having data available readily and in a form that is appropriate for the uses to which it will be put. with these considerations in mind, we have derived a number of guiding principles for a system of new data and analytical tools for effectively supervising large institutions and monitoring systemic risk. first, the priorities for new data efforts should be determined by the nature of regulatory and supervisory missions. in particular, the data need to be sufficiently timely and to cover a sufficient range of financial institutions, markets, instruments, and transactions to support effective systemic risk monitoring and macro - prudential supervision, as well as traditional safety - and - soundness regulation. the events of the past few years have painfully demonstrated that regulators, financial institutions, and investors lacked ready access to data that would have allowed them to fully assess the value of complex securities, understand counterparty risks, or identify concentrations of exposures

##down of growth in china and europe ’ s internal problems, have all weakened the outlook for the economy. the growth forecasts for the current year have broadly been revised downwards, also for the euro area by the ecb staff in march. while some indicators hint for stabilization, much of the recent data continue to be weak, especially for the manufacturing sector. there are both country - and sectorspecific factors, and the impact of these factors is turning out to be somewhat longer - lasting, slowing down growth momentum during the current year. the slowdown of growth has been accompanied with moderating inflation. in march 2019, the ecb staff forecasted inflation to slow down to 1. 2 percent in 2019 and then reaching 1. 6 percent by 2021. consistently with the weaker outlook, the market - based inflation expectations have declined. as a consequence of the slowdown, ( almost ) all major central banks have had to put monetary policy normalisation on hold and instead to maintain an accommodative policy stance. this holds 1 / 2 bis central bankers'speeches true for the ecb as well. on the back of the weakened economic outlook, the ecb governing council in march and again last week, on april 10 th, took a number of decisions in the pursuit of its price stability objective. first, a commitment to keep the key policy interest rates at their present low levels at least until the end of 2019. second, a commitment to continue reinvesting maturing securities under the asset purchase programme for an extended period of time, beyond the first rate increase – thus we apply chained forward guidance on these two policy instruments. and third, launching a new series of targeted longer - term refinancing operations ( tltro - iii ), starting in september 2019. hence, the ecb governing council maintains an ample degree of monetary accommodation to support the economic expansion. significant monetary policy stimulus is indeed being provided by our forward guidance on the key ecb interest rates, reinvestments by a sizable stock of acquired assets, and the new series of targeted long - term refinancing operations. moreover, as president draghi said, the governing council stands ready to adjust all of its instruments, as appropriate, so that inflation converges to our aim, which is below but close to 2 % in a sustained manner. it is worth noting that our inflation aim does not imply a ceiling at 2 %, since inflation can deviate from our target in both directions