I have highlighted the importance of three fundamentals – governance and risk control; risk identification and measurement; and liquidity risk management – and the SSG report provides evidence that those institutions taking care to get these fundamentals right generally performed better during recent events than other institutions.
The importance of having an adequate legal framework for sharing with statisticians confidential data collected for supervisory purposes should not be underestimated. Indeed, the legal framework empowering the ECB to collect data is designed to allow the exchange of confidential information within the ESCB in order to compile statistics.