It will be also important to cooperate with other public authorities, which have many administrative data that can be helpful to measure the state of the economy, and with academia and other central banks to set up common standards.
The proximate trigger for the sudden deterioration in people’s assessment of the outlook was a sequence of financial events. It was not that these events initiated the slowdown, but they have led people to think that it will turn out to be a bigger event than hitherto expected.