Other Eurosystem data initiatives like Anacredit can also be useful, for instance to study the extent of zombie lending and how it interacts with the monetary policy stance. Second challenge: digitalisation 2/4  BIS central bankers' speeches  As we all know, digitalisation of society dramatically changes our lives – how we produce, work, trade or consume3.
So what are the consequences for monetary policy? I shall mention two interlinked dimensions here. First, digital products and services raise issues with measuring the genuine level of macro aggregates that central banks typically look at. How to adequately capture quantities when, for instance, Netflix or Spotify memberships allow unlimited consumption of content? How do we determine potential output in such economies?