New demands emerging from the crisis While the development of European economic and financial statistics by the ESCB was already impressive before the financial crisis occurred, the ECB’s functions have been expanded during the crisis and this has led to new challenges and a remarkable development of ESCB statistics.
More specifically, ESCB statistics had to respond to three main challenges: (i) From 2008, the monetary policy of the euro area had to be conducted during turbulent times and new data needs emerged for monitoring often unconventional policy measures and mitigating systemic risks.