Financial regulation needs to be designed to allow competitive forces to work, and allow innovation to happen. 4  BIS central bankers’ speeches  I said earlier that it is very difficult to strike the perfect balance between regulation and innovation. Indeed, public authorities can’t strike a perfect balance alone.
The advantages are a higher data quality, more efficient production of reports, more consistent data, a univocal interpretation, and clarity of regulations. 2. The European Reporting Framework (ERF) should be of great significance for the data collecting authorities in helping to ensure that data only have to be collected once, using a harmonised procedure for different purposes.