##ness and provides valuable information for economic analysis and public policy decisions by increasing the frequency and opportunity with which we can measure regional economic conditions, which until recently was available only annually. this initiative has been applauded by local and regional stakeholders, as it will be providing a regular and up to date assessment of the business - cycle, helping adjust and draw economic initiatives by both the public and private sectors that can be more precisely tailored to changing local realities. this initiative was possible because of the maturing relationship through the protocolization of anonymized information exchange between the central bank and the chilean internal tax service. the use of existing administrative records, allowing the identification of the location of economic transactions, has been much more efficient than the traditional recourse to large surveys, both in the timeliness of access as well as the possibility to backward estimate up to a decade of information. following that, in july, by the joint effort of several institutions, we broadened data availability by gender and regions. additionally, we managed to facilitate access and data analysis by combining data from different sources in one location using our public statistics database platform. we have now begun to publish an “ experimental statistics ” section that brings together indicators in various areas of interest. the indicators include mobility indexes, based on the number of electronic invoicing issued by a sample of gas stations ; a daily retail sales index, which anticipates the activity of the retail trade sector ; and the internet job ads index, first published in 2019, based on the ads posted at the leading web employment portals in chile. to ease and empower the user in manipulating and utilizing these new data we launched a new visualization tool developed in power - bi. the lesson learned is also that to keep up with the changes and react promptly, we must continue encouraging the digital transformation of our organizations, incorporating advanced analytical techniques, and providing more timely and granular information that considers heterogeneity to complement conventional statistics. as the access to new large - volume databases and the use of granular data almost always poses the challenge of confidentiality, the central bank of chile has sought to implement best practices and safeguards to exploit such information. with this objective, we established a data governance agenda, led by a strategic committee that reports directly to the board and whose executive management is located in the statistics division. likewise, we are working on our big data strategic project, which contemplates a centralized data repository that all user areas can access

by the superintendence of securities and insurance ( svs ), and pension funds, which are large players in our financial system, are regulated by the superintendence of pensions ( sp ). in this setting, the preservation of financial stability crucially relies on the capacity and ability of all players involved, including us, to share our views and coordinate our actions. this is currently done through routine interaction between us, and more formally through periodic meetings in the financial stability council, an entity created precisely to guarantee such coordination. 2. financial stability tools let me now turn to the discussion of what are the most appropriate tools to pursue financial stability. of course, this discussion draws from the previous one on whether the central bank should be in charge of it. but let ’ s forget about that for a second to tackle one of the main aspects of this debate, which is whether a central bank that cares about financial stability should use the policy rate as a tool. there are different views on this regard, both in academic and policy circles that you probably know well. i am among the ones who think that the interest rate is often too blunt a tool to deal with financial stability issues, especially when they have clear sources that can be addressed more directly, since the policy rate affects every sector of the economy. furthermore, under some circumstances the required movement in the policy rate for financial stability purposes may be in conflict with the price stability mandate. assuming that such tradeoff is absent, that reasonable movements in the policy rate are expected to be useful to deal with financial stability concerns, and that there are no better tools at hand, it may be reasonable to rely on it as a tool for financial stability. however, in many situations at least one of these conditions would not hold and other options would prove more efficient. for instance, more often than not financial stability concerns are related to specific segments of financial intermediation. concerns about rapid growth in credit to the housing sector can be tamed by changes in loan - to - value or debt - toincome ratios, for example. dynamic provisions related to general or specific forms of credit may also help banks maintain a solid position through the financial cycle, and discretional changes to reserve requirements may also help rein in rapid bank credit expansion. of course, all these measures are not cost free and their use must properly consider these costs against specific financial stability concerns. for instance, increases in reserve requirements affect only the banking sector, which may lead to disin