. stronger coordination will, over time, facilitate the integration of data, which are often requested on the basis of a stovepipe approach and governed by separate legal frameworks. as a result, underlying concepts, definitions and standards can all vary from dataset to dataset, making the combining of data very labour - intensive and subject to all kinds of misinterpretation and overlaps. this see financial stability board, „ feasibility study on approaches to aggregate otc derivatives data “, september 2014, and the consultative report by the cpmi and the board of iosco on „ harmonisation of key otc derivatives data elements ( other than uti and upi ) – first batch “, september 2015. bis central bankers ’ speeches endeavour requires political commitment from all stakeholders. it also requires that authorities collecting data share relevant information with other authorities. i fully acknowledge the existing constraints and barriers that may currently hamper data sharing between authorities, such as data confidentiality and the different mandates of market supervisors, regulators and central banks. however, i think that sharing data among policy - makers and supervisory authorities is essential. understanding interconnectedness in the global financial system and identifying sources of systemic risk were key motivations for establishing the financial stability forum in 1999. 4 sixteen year after the tietmeyer report, and one crisis later, we ’ re still not there. we need to establish a “ circle of trust ” bringing together certain authorities among which data should be shared more easily. 5 authorities have a duty to overcome the obstacles that are currently preventing the sharing of data and endeavour to use harmonised data wherever possible. i am sure the panel will explore these issues in more detail during our discussions. „ while the national authorities, the ifis, the international regulatory bodies and the central bank groupings each gather and assess data on segments or the whole of the international financial system, and regularly monitor aspects of financial system stability, none has the breadth of information or the capacity to formulate a complete assessment of evolving risks. in view of the many sources from which systemic risk can arise, better procedures are needed for systematically pooling and efficiently using the information available to these bodies in their assessment of domestic financial vulnerabilities and global conditions. “ in tietmeyer, h. “ report on international cooperation and coordination in the area of financial market supervision and surveillance ”, bank for international settlements, 11 february 1999. the recommendations for the second phase of the g20 data gaps initiative include recommendation ii. 20 on

also reflects the fact that economic activity is expected to recover at a very gradual pace. the risks to the inflation outlook are broadly balanced. indicators of inflation expectations over the medium to longer term remain firmly anchored in line with the governing council ’ s aim of keeping inflation rates below, but close to, 2 % over the medium term. following the “ free fall ” in economic activity that we witnessed around the turn of the year, the euro area economy shows signs of stabilisation. after the strongly negative readings recorded earlier, economic activity in the second quarter of 2009 is estimated to have declined by 0. 1 %, compared with the previous quarter. in the period ahead, we expect to see a very gradual recovery. this expectation remains surrounded by high uncertainty, while risks to the outlook remain broadly balanced. on the upside, the impact of macroeconomic stimulus packages and other policy measures may be stronger than expected, confidence may improve more quickly, and foreign demand may prove to be stronger than currently foreseen. on the downside, the negative feedback between the real economy and the still strained financial sector may be stronger or more protracted than expected. concerns also relate to potential renewed commodity price rises, further protectionist pressures and persistent global imbalances. the assessment of low inflationary pressures over the medium term is also confirmed by our monetary analysis. in this context, we note in particular that money and credit expansion continues to decelerate. the annual growth rate of the broad monetary aggregate m3 declined to 2. 5 % in august, the lowest reading since the launch of the euro. as regards lending to the private sector, the annual growth rate of loans virtually stalled in august ( at 0. 1 % ). to a large extent, this development reflects the fall in production and trade and the ongoing uncertainty regarding the business outlook which has affected demand for financing. given that the pick - up in loans to enterprises typically lags the recovery in economic activity, further weak developments in loans to enterprises in the coming months appear likely. at the same time, lower market interest rates continue to be passed on in lower bank lending rates. this has led to a gradual improvement in financing conditions, which in turn is expected to support the demand for credit in the period ahead. it is against this background that the governing council views the current level of key ecb interest rates as appropriate. in addition, we have implemented five “ non - standard ” measures to enhance credit support, taking into account the major role played by